Hedera’s HBAR momentum has just began, analyst says

Hedera Hashgraph was one of the best-performing cryptocurrencies on Friday, November 15, as a popular crypto analyst made a bullish bet.

Hedera Hashgraph (HBAR) price rose to $0.0767, its highest level since July 17 and 66% above this month’s low.

A trader known as Maverick, who has over 145,000 followers, said in his post X that HBAR’s climb has just begun. He believes it could rise to a year-to-date high of $0.1813, which is about 182% higher than the current level.

$HBAR We Break Barriers!

After approximately 250 days of downtrend, @hedera In a magnificent rally:
📈+40% in the last 7 days
📈+16% in the last 24 hours
📊112% increase in transaction volume within 24 hours, reaching 563 million dollars

After Canary Capital’s Hedera ETF application, momentum increased and an important development occurred… pic.twitter.com/N5F3j2I1U3

— Maverick (@degen_maverick) November 15, 2024

Maverick cites Hedera Hashgraph’s increased volume and the recent spot ETF filing by Canary Capital as a potential catalyst. There’s a chance that Donald Trump’s Securities and Exchange Commission would easily approve such an ETF.

Another potential catalyst for Hedera Hashgraph is that futures open interest is in a strong upward trend. It rose to $66.7 million from $26.6 million in September, indicating strong demand.

Still, Hedera Hashgraph has many challenges. First of all, although it counts large companies such as Ubisoft, Dell, Boeing, Google and Deutsche Bank as members of its management council, its ecosystem is quite small.

For example, it has a DeFi total value locked of just $44 million, making it much smaller than newer blockchains like Sui and Base Blockchain. DEX networks in its ecosystem processed $35.4 million worth of tokens in the last seven days, making it the 32nd largest chain in the industry.

HBAR price may reach $0.1 soon HBAR price chart | Source: crypto.news

The daily chart shows that the Hedera Hashgraph price has recovered over the past few days. This recovery occurred after forming a double-bottom pattern around the $0.045 support. In most periods this is one of the most bullish patterns in the market.

Hedera also broke above the key resistance level at $0.063, which is the neckline of this pattern. It also rose above the 50 and 200-day moving averages.

Therefore, the path of least resistance for cryptocurrency is bullish; The next psychological level to watch is $0.10, which is approximately 45% above the current level. The stop-loss value of this trade will be $0.055.