HBAR is the native token supporting the Hedera Hashgraph distributed ledger, and its price has increased by 11% in the past 24 hours. In recent days, the demand for the token has significantly increased, driving the price up.
Technical analysis indicates that HBAR may be poised for further increases. This analysis highlights the price levels that token holders need to pay attention to.
Hedera token holders are increasing their positions.
The daily chart of HBAR shows that despite a recent pullback, its price remains above the super trend indicator, which continues to provide dynamic support at $0.23.
The super trend indicator tracks the direction and strength of asset price trends. It is displayed as a line on the price chart, with color changes indicating the trend: green indicates an uptrend, while red indicates a downtrend.
If the asset price is above the super trend line, it indicates bullish momentum in the market. In this case, this line provides dynamic support, and as long as the price remains above it, the bullish trend may continue.
Additionally, HBAR's Chaikin Money Flow (CMF) continues to rise, suggesting the potential for sustained increases. As of the time of writing, this figure is 0.05.
This indicator measures the flow of funds into and out of the asset market. Like HBAR, when its value is positive during price increases, it indicates strong buying pressure, as the volume of trades flowing into the asset exceeds that flowing out. This suggests that the price increase is supported by actual accumulation, increasing the likelihood of a sustained upward trend.
What are the factors driving the growth of Hedera (HBAR)?
Although there is no specific news that directly triggered the rise of Hedera, analysts believe that its rise is mainly related to positive market sentiment and favorable technical factors.
A key factor contributing to this optimistic sentiment is the expectation that the U.S. Securities and Exchange Commission (SEC) may approve HBAR exchange-traded funds (ETFs). Such an approval would be an important step in increasing cryptocurrency visibility and adoption. Bloomberg ETF analyst Eric Balchunas emphasized that, unlike other cryptocurrencies such as Solana or Ripple, the SEC has not classified Hedera as a security, which enhances the likelihood of smooth approval.
From a technical perspective, HBAR has formed bullish patterns such as double bottoms and descending wedges, indicating that the positive trend may continue. Additionally, Hedera's price has remained above the 50-day moving average, indicating that buyers continue to dominate the market. Analysts predict that HBAR may reach $0.40 in the short term, a 20% increase from its current level.
However, some experts warn that despite the optimistic sentiment, Hedera may face a correction if certain support levels cannot be maintained. Specifically, the levels of $0.187 and $0.207 are seen as critical areas to prevent further declines. In this context, some analysts also indicated that if HBAR continues its upward trend, it could reach higher values, such as $3.27, although this prediction depends on market developments.
Bull market target $0.39!
According to its Fibonacci retracement tool, if accumulation continues, the price of HBAR will return to its three-year high of $0.39 and rebound above that level. To achieve this, this price level must be flipped to support.
On the other hand, if a sell-off occurs again, the price of HBAR will retrace some of the recent gains and trend towards $0.24. Falling below this level will lead to a further drop to the dynamic support level of the super trend at $0.23. If this level fails to hold, the price of the HBAR token could drop to $0.16.
In summary
Driven by rising demand and bullish technical indicators indicating further upside potential, HBAR surged 11% in 24 hours.
The super trend support level of $0.23 indicates bullish momentum; breaking through $0.39 could set a three-year high.
The rising Chaikin Money Flow (CMF) indicates strong buying pressure, supporting the likelihood of continued price increases.