🌎 Hedera Hashgraph Soars 66% as Analyst Predicts Further Gains

Hedera Hashgraph demonstrated notable performance on Friday, November 15, as a respected crypto analyst presented a bullish outlook. The Hedera price increased to $0.0767, its highest level since July 17, marking a 66% rise from its lowest level this month.

In a recent post, a trader known as Maverick, who boasts over 145,000 followers, stated that HBAR’s ascent had just begun. He anticipates a surge to the year-to-date high of $0.1813, which is approximately 182% higher than the current level.

Maverick attributes this potential rise to the increasing Hedera Hashgraph volume and the recent application of a spot ETF by Canary Capital. There is a possibility that the Securities and Exchange Commission under Donald Trump’s administration would approve such an ETF.

Another potential catalyst for Hedera Hashgraph is the strong uptrend in its futures open interest. It increased to $66.7 million, up from $26.6 million in September, indicating strong demand.

Despite these positive developments, Hedera Hashgraph faces several challenges. Although it has large companies like Ubisoft, Dell, Boeing, Google, and Deutsche Bank as members of its governance council, its ecosystem remains relatively small.

For instance, Hedera has a DeFi total value locked of just $44 million, making it significantly smaller than newer blockchains like Sui and Base Blockchain. DEX networks within its ecosystem handled tokens worth $35.4 million in the past seven days, ranking it as the 32nd largest chain in the industry.

The daily chart shows that the Hedera Hashgraph price has rebounded in recent days. This recovery followed the formation of a double-bottom pattern around the support level at $0.045, which is typically one of the most bullish patterns in the market.

Hedera has also surpassed the key resistance level at $0.063, the neckline of this pattern, and climbed above the 50-day and 200-day moving averages.

Given these trends, the path of least resistance for the coin appears bullish, with the next psychological level to watch at $0.10, approximately 45% above the current level. The stop-loss for this trade is set at $0.055.