Hedera (HBAR) is up 25% in the last 24 hours. Technical indicators and increasing trading volume support this growth, while Federal Reserve cooperation and possible ETF approval create new opportunities.
Hedera (HBAR) price followed a strong uptrend over the past 24-hours and broke into a major resistance, breaking out to a two-year high at $0.1808. Despite the impact of this resistance level, HBAR is currently trading at $0.1823 and is up 25% from the intraday low.
HBAR’s rise gained momentum with the support of technical indicators. HBAR price broke out above the 50-day (SMA 50) and 200-day (SMA 200) moving averages, forming a “golden cross” formation. SMA 50 is currently at $0.07545, while SMA 200 is at $0.07169, both well below the current price. Analyst Javon Marks predicted that HBAR could rise to $0.504, which would imply a 192% increase from current levels.
Increased Market Activity and Investor Confidence
The rise in HBAR is parallel to the increasing trading volume and growth in market value. In the last 24 hours, trading volume increased by 261% to $954.36 million, while market value increased by 25% to $6.92 billion. In addition, open interest increased by 48.26% to $208.25 million. This increase indicates that new capital has entered the market and the price may continue to move upwards.
According to More Crypto Online, the current price action of HBAR is in line with the Elliott Wave Theory and a new top is expected in the short term. Analysts state that $0.176, $0.20, and $0.23 should be watched as resistance levels. A break above these levels could further strengthen the uptrend.
Federal Payments and Strategic Partnerships
HBAR’s recent rise is also fueled by its growing role in blockchain-based federal payments systems. Hedera has integrated with the Federal Reserve’s FedNow payments platform via Dropp, enabling more secure and efficient real-time payments.
Hedera’s collaboration with Ripple and its RLUSD stablecoin, which is expected to be launched in December 2024, strengthens HBAR’s role in the payments industry. This partnership could support HBAR’s use on payment platforms by increasing interoperability between Hedera and Ripple.
Potential ETF Approval and Investor Expectations
HBAR’s rise in the market is also supported by an ETF application that is expected to be listed on exchanges. Following the resignation of the SEC chairman, it is thought that ETF approval may be possible during the Trump administration. This could increase institutional investors’ interest in HBAR and continue its price increase.
As a result, HBAR’s rise is supported by strong technical analysis and strategic partnerships. These developments strengthen HBAR’s market position and present significant opportunities for investors.