The Hedera Hashgraph price stabilized this week as investors braced for a comeback after it formed a giant falling wedge chart pattern. The HBAR token was trading at $0.16 on Friday morning, up by over 30% from its lowest level this week.
Hedera has done well as traders await its upcoming AI hackathon. Developers will pitch their ideas for a chance to win $30,000, gain exposure, and receive technical support from the team.
This hackathon is occurring as Hedera works to attract more developers in the artificial intelligence field. Its pitch to these developers is that it has one of the fastest layer-1 networks in the crypto industry. It also has some of the lowest costs and partnerships with leading companies like Google, IBM, Servicenow, and Ubisoft.
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The HBAR price also increased after the network incorporated Chainlink’s cross-chain interoperability protocol (CCIP) in its ecosystem. CCIP is an important innovation that helps developers build secure cross-chain applications and tokens.
Incorporating CCIP is important for Hedera as it seeks to become a major player in the Real-World Asset (RWA) tokenization industry.
More data shows that the HBAR futures open interest has bottomed, which may become a bullish catalyst for the network. The token’s interest stood at over $161 million, where it has been in the past few weeks.
Hedera Price Technical Analysis
The daily chart shows the HBAR price topped at $0.4055 earlier this year as its ETF approval hopes jumped. It also rose because it is one of the top Made in USA tokens in the crypto industry.
The Hedera price bottomed at $0.1250 and then bounced back to a high of $0.1770. It has formed a falling wedge chart pattern, a popular bullish sign whose two lines are about to converge.
Hedera bottomed at the 61.8% Fibonacci Retracement level. The Directional Movement Index (DMI), which measures the strength of a trend, has moved to 14 and is pointing upwards.
Therefore, the Hedera price will likely rebound strongly in the next few weeks. The next level to watch is $0.2240, representing a 35% increase from the current price level. A drop below the key support at $0.1250 will invalidate the bullish view.
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