The price of Hedera Hashgraph (HBAR) has increased by approximately 10% over the past 24 hours, from $0.2332 to a high of $0.262, placing it among the top-performing coins in the cryptocurrency market. Today’s increase adds to a 17.90% increase recorded in the last seven days.
The latest bullish sentiment follows a major announcement in the blockchain payments sector. Swift, the global messaging network banks use for cross-border payments, has reportedly announced that it would implement Hedera’s blockchain in North America, Europe, and Asia.
This is a significant development for the Hedera coin since SWIFT processes over $150 trillion annually and could further encourage increased institutional adoption of the Hedera network.
Traders Eye $0.23 Retest as Crucial Support Level
HBAR’s price has shown strong potential for growth after breaking a key resistance level at $0.23. This price change suggests that the market momentum has shifted as HBAR moves above a downward trendline and a crucial horizontal resistance level.
In a recent tweet, Crypto analyst Merlijn pointed out that those who sold at $0.18 might regret their decision, as the token is now set for a rally. A breakout above resistance levels often indicates a change in market sentiment, and HBAR is gaining interest from investors.
The analyst’s chart shows HBAR breaking above a declining trendline and horizontal resistance at $0.23. This technical move usually indicates an early trend reversal. A strong breakout means sellers lose control while buyers are stepping in with renewed confidence.
If this momentum persists, Hedera’s price could see a significant increase in the coming weeks.
Hedera Price Prediction: What’s Next for HBAR?
In a follow-up tweet, the analyst highlighted that the true test for Hedera Hashgraph’s price is its ability to maintain above $0.23. When an asset breaks through a resistance level, it usually returns to test this resistance as support.
The chances of upward movement increase if the price is above this level. However, if the price drops below $0.23, it could indicate a false breakout. This would slow the bullish momentum.
Hedera (HBAR) is changing hands for $0.2546 at press time. So, if HBAR stays above $0.23, it could aim for much higher prices, with some traders looking at targets around $0.40.
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