Hedera Hashgraph price soars as predicted: What’s next for HBAR?

The price of Hedera Hashgraph rose for the third consecutive day as the Santa Claus rally returned in the crypto market.

Hedera Hashgraph (HBAR) rose over 30% from last week’s low to $0.3300 on Christmas Eve.

This recovery occurred as other popular altcoins rebounded. Other top performers included Helium (HNT), JasmyCoin (JASMY), and VeChain (VET).

There was no Hedera-specific news to fuel the jump. Therefore, the most likely reason for the rally was based on sentiment and technicals. Hedera sentiment among traders improved after Canary Capital took the top spot in the Hedera ETF in November.

Bloomberg senior ETF analyst Eric Balchunas predicted the Securities and Exchange Commission would easily approve the HBAR fund. He argued that the agency did not label HBAR as a security, as it does with other tokens such as Solana and Ripple.

Hedera’s recovery comes after futures open interest fell from last month’s high of $460 million to $209.7 million on Dec. 22. Most cryptocurrencies often recover when open interest and sentiment among investors decline.

Hedera Hashgraph open interest | Source: CoinGlass Hedera Hashgraph price has formed two bullish patterns HBAR price chart | Source: crypto.news

The most likely reason for the HBAR price recovery is crypto.news’ prediction last week. In this report, we mentioned that the coin formed a double-bottom formation at $0.2350 and the neckline was at $0.3310, meaning it recorded its highest rise on December 13. Such a bottom is usually a sign that bears are afraid to short below this price. .

Hedera also formed the falling wedge chart pattern shown above in purple. The upper part of this formation connects the highs of December 7, 18, and 20. The bottom of this wedge connects this month’s significant declines. A falling wedge usually leads to more profits.

HBAR price also formed a bullish pennant formation, which consists of a long flagpole followed by a triangle formation.

Hedera also pulled back above the 50-day moving average, signaling that the bulls are still in control. It has now formed the three white soldiers candlestick pattern, which is characterized by three consecutive candlesticks.

Therefore, the outlook for HBAR price is bullish and the next point to watch will be the year-to-date high of $0.40, which is 20% higher than the current level.