Hedera Hashgraph price staged a strong rally this week, helped by the ongoing crypto rally, HBAR ETF, and the surging DEX volume. The HBAR token jumped to a high of $0.1580, its highest level since April this year. It has soared by over 200% from its lowest level this month.
Hedera Hashgraph price forms a rare bullish pattern
The HBAR price went parabolic this week and technicals point to more upside in the coming months. On the daily chart, the coin has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have crossed each other recently. This is one of the most bullish signs in the market.
After rising to a high of $0.1580 on November 19, it pulled back and moved to a low of $0.1200, where it formed a morning star pattern. This pattern is formed when an asset has a small body and upper and lower shadows. In most periods, when this happens, the coin often bounces back.
Hedera Hashgraph now wants to rise and retest its highest level this month, which is about 20% above the current level. If this happens, the coin will form the popular cup and handle pattern and point to more gains.
The next key resistance level to watch will be at $0.20, which is about 50% above the current level. However, there is a risk that the coin will have a mean reversion, where it drops and retests the 50-day and 200-day moving averages, which are at $0.070, 48% below the current level.
Some crypto analysts believe that HBAR price has more upside to go. For example, WSB Trader Rocko, who has over 42k followers, believes that the coin can surge as high as $0.50.
Read more: Hedera Price Spikes 16%: Here’s Why HBAR Can Hit 18 Cents Soon
HBAR has some solid fundamentals
There are signs that the Hedera Hashgraph network has solid fundamentals. First, data shows that the volume in Hedera’s blockchain has jumped by 283% in the past seven days to $132 million. Cumulatively, DEX networks in its blockchain like SaucerSwap, HbarSuite, and HeliSwap have handled over $1.8 billion in volume.
While this is a big milestone, the volume remains significantly lower than other newer chains like Base, Arbitrum, and Sui, which handle billions in volume every day.
The other catalyst for the Hedera Hashgraph token is the recent decision by Canary Capital to file for an HBAR ETF. There are signs that the Trump administration will approve a few ETFs. The challenge, however, as we have seen with Ethereum, is whether there will be institutional demand for altcoin ETFs
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