Hedera’s HBAR price may jump 215% to $1, analyst predicts

Hedera Hashgraph price growth stalled this month after rising over 823% between November 5 and December 3.

Hedera Hashgraph (HBAR) was trading at $0.32, up 650% from last month’s low. The latest surge has pushed its market value to over $12 billion.

Hedera has multiple catalysts that could push its price higher, as some analysts expect. One of these analysts, All In Crypto, believes that the HBAR price could jump to $1 in this bullish cycle. He referred to technical features, specifically the double bottom pattern, to predict this move.

It won’t be too long ago $HBAR It’s starting to move higher towards $1.00 again, a continuation pattern is in place, giving us a combination of patterns taking us towards $1.00 (larger double bottom still in play) pic.twitter.com/1YJDPxeKVp

— ALLINCRYPTO (@RealAllinCrypto) December 13, 2024

A potential catalyst for Hedera Hashgraph is the rising hopes for the HBAR fund. Valor Funds, a large firm with over $1 billion in assets, has filed for Hedera’s physical staking exchange-traded product on Euronext, a move that will lead to greater adoption by institutional investors.

Just last month, Canary Capital filed with the Securities and Exchange Commission to participate in the HBAR ETF. There is a possibility that the ETF will be approved as the agency will undergo major changes when Gary Gensler resigns.

Hedera Hashgraph is also gaining traction in the decentralized finance ecosystem. Data shows the total value locked has jumped to a record high of almost $200 million, much higher than the January low of $53 million. The biggest players in the ecosystem are Stader, SaucerSwap and Bonzo Finance.

HBAR is also seeing strong demand in the futures market; here the futures open position increased to over $326 million. Open interest is a measurement that looks at open call and options trading in the futures market.

HBAR price is on the rise HBAR price chart | Source: crypto.news

The weekly chart shows that the Hedera Hashgraph price has been in a strong uptrend for the past few weeks. It has broken above the key resistance level at $0.1810, the April 2022 high, and the double-bottom neckline is near $0.050.

Hedera Hashgraph price broke above the 50-week and 25-week moving averages. It also broke above the 50% Fibonacci Retracement level.

Further uptrends will be confirmed if the price breaks above $0.3900, its new year-to-date high. In such a case, the next point to watch will be the all-time high at $0.5690. A move above this level would indicate further gains, possibly to $1.