summary
Hedera Hashgraft (HBAR) is up 21% from its weekly low, reaching $0.324, driven by the crypto market momentum over Christmas.
Optimism is growing with the possibility of an ETF for HBAR being approved by the Securities and Exchange Commission (SEC), as it is not classified as a security, unlike Solana or Ripple.
Technically, HBAR is showing bullish patterns and is expected to reach $0.40, although there are risks if key support levels are not held.
Hedera Hashgraft (HBAR) has seen a massive price surge over the past day, gaining over 21% from its weekly low to $0.324 on Christmas Eve.
Birth.
This rally was fueled by the return of crypto market momentum during Christmas, commonly known as “Santa momentum,” which reignited optimism among traders. The HBAR price surge is in line with a broader recovery among altcoins in the market.
What is driving the increase in Hedera (HBAR)?
While there was no specific news that directly triggered Hedera's rally, analysts believe the rally is mainly linked to positive market sentiment and favorable technical factors.
One major factor contributing to this optimism is the expectation that the U.S. Securities and Exchange Commission (SEC) may approve an exchange-traded fund (ETF) for HBAR. Such approval would be a major step in increasing the visibility and adoption of the cryptocurrency. Eric Balkunas, an ETF analyst at Bloomberg, pointed out that the SEC has not classified Hedera as a security, unlike other cryptocurrencies like Solana or Ripple, which increases the likelihood of a smooth approval.
From a technical perspective, HBAR has formed bullish patterns, such as double bottoms and bearish angles, indicating that the positive trend is likely to continue. Additionally, Hedera’s price has remained above its 50-day moving average, suggesting that buyers are still dominating the market. Analysts expect HBAR to reach $0.40 in the short term, which would represent a 20% increase from its current level.
However, some experts warn that despite the optimism, Hedera may face corrections if certain support levels are not maintained. The $0.187 and $0.207 levels are being watched as critical zones to prevent further declines. In this context, some analysts have also suggested that HBAR could reach higher values, such as $3.27, if its upward trend continues, although these predictions are subject to market developments.