Bittime - Will HBAR be Bullish this Christmas?, what about the news of HBAR ETF and its price prediction? Read this article.
Hedera Hashgraph (HBAR) Price Analysis
Hedera Hashgraph (HBAR) is up for the third day in a row, as Santa Claus returns to the crypto market.
On Christmas Eve, HBAR hit a price of Rp5,046 ($0.3300), up more than 30% from its low last week.
This increase occurred alongside the recovery of other popular altcoins, such as Helium, JasmyCoin, and VeChain.
Also read How to Buy Hedera (HBAR)
Market Sentiment and HBAR Price Driving Factors
While there was no specific news regarding Hedera that triggered this surge, improving sentiment among traders appears to be a major factor.
This positive sentiment came after Canary Capital filed for the first Hedera ETF in November. Eric Balchunas, senior ETF analyst at Bloomberg, predicted that the Securities and Exchange Commission (SEC) would easily approve the HBAR fund, as the SEC has not classified HBAR as a security, unlike other tokens such as Solana and Ripple.
The rise in HBAR prices also came after futures open interest fell to $209.7 million on Dec. 22, from a peak of $460 million last month.
Typically, many coins experience a rebound when open interest and trader sentiment decline.
Also read HBAR News: Competing Fiercely with XLM, Has Its Market Cap Been Overtaken?
Bullish Pattern Formed on HBAR
HBAR has formed several bullish patterns that indicate potential for further upside. One of them is a double-bottom pattern at Rp3,850 ($0.2350), with a neckline at Rp5,046 ($0.3310), which was the highest level on December 13.
This pattern often indicates that bears are hesitant to short sell below that price.
In addition, HBAR also formed a falling wedge pattern, which often leads to a price increase. HBAR remains above its 50-day moving average, indicating that bulls are still in control of the market.
Currently, HBAR has formed a three white soldiers candlestick pattern, which is characterized by three consecutive candlesticks.
HBAR Price Outlook
With all these factors, the HBAR price outlook looks bullish. The key level to watch is the year-to-date high of Rp6,480 ($0.40), which is 20% higher than the current level.
If HBAR manages to break through this level, there is likely to be a further increase towards Rp5,508 ($0.35) and Rp6,480 ($0.40).
HBAR Technical Indicators and Market Sentiment
Technical indicators such as Fibonacci levels also support this bullish view. The $0.236 retracement level around Rp5,046 ($0.31) serves as a key resistance point, while the $0.382 level at Rp4,368 ($0.28) provides short-term support. The HBAR Relative Strength Index (RSI) is currently at 58.69, indicating moderate bullish momentum with room for further growth before reaching overbought conditions.
Source: TradingView/@CoinGlass
Although market sentiment is showing a slight bearish bias, with liquidation data showing $104.57K in short positions compared to $95.16K in long positions, this imbalance could create an opportunity for a short squeeze if price moves higher.
Additionally, HBAR open interest increased by 5.66%, reaching $221.01 million, indicating that more traders are entering the market and maintaining positions.
HBAR Network Development and Growth Activities
The steady development activity on the Hedera network also contributes to HBAR’s long-term prospects. With 107 active contributors on GitHub, this increased activity shows that Hedera continues to grow and improve its ecosystem.
Hedera's focus on network and infrastructure development could have a positive impact on the future adoption and value of HBAR.
Conclusion
Based on a combination of technical indicators, market sentiment, and strong network development, HBAR appears poised for a breakout. The bullish pennant pattern, along with key Fibonacci retracement levels, support a possible move above Rp5,046 ($0.31), which could pave the way for further price gains.
If HBAR manages to break through the resistance level and maintain its bullish momentum, we could see the price move towards Rp5,508 ($0.35) and Rp6,480 ($0.40) in the near term. However, traders should remain vigilant, as the market is always subject to change, and an unexpected drop could change the direction of the current bullish sentiment.
FAQ
1. Why is Hedera Hashgraph's price movement interesting for investors right now?
Hedera Hashgraph price movement shows stability and significant growth potential, driven by increasing technology adoption and strategic partnerships. Investors see this as an opportunity to invest in an asset with strong foundations and long-term prospects.
2. What factors affect the price of Hedera Hashgraph?
The price of Hedera Hashgraph is influenced by a variety of factors, including technological developments, adoption by major companies, overall crypto market sentiment, and regulatory news. In addition, community activity and innovation within the Hedera ecosystem can also impact the price.
3. How does Hedera Hashgraph adapt to current crypto market trends?
Hedera Hashgraph continues to innovate by introducing new features and improving scalability and security. With a focus on partnerships and collaborations with various industries, Hedera strives to remain relevant and attractive to investors amidst the rapid changes in the crypto market.
How to Buy Crypto on Bittime
Want to trade and buy Bitcoin and invest in crypto easily? Bittime is ready to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures that every transaction is safe and fast.
Start by registering and verifying your identity, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check BTC to IDR , ETH to IDR , SOL to IDR and other crypto assets rates to find out today's crypto market trends in real-time on Bittime.
Also, visit Bittime Blog for interesting updates and educational information about the crypto world. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the crypto world.
Reference
Crispus Nyaga, Hedera Hashgraph price soars as predicted: What’s next for HBAR?, Diakses 25 Desember 2024
MikeT, HBAR Price Analysis: Bullish Breakout Imminent, Diakses 25 Desember 2024
Comments
0 comments
Please sign in to leave a comment.