Hedera Hashgraph Price Stabilization Suggests Potential Rebound

The Hedera Hashgraph price has shown signs of stabilization, with a unique chart pattern on the daily chart indicating a potential rebound. The token has risen for two consecutive days, reaching a high of $0.3140, its highest level since January 7. This recent performance is driven by investor anticipation of a spot exchange-traded fund approval by the Securities and Exchange Commission.

Market Performance and ETF Approval

Hedera Hashgraph remains about 600% above its lowest level in 2024, with a market cap of over $11.3 billion. The recent rally is largely attributed to the expectation of a spot exchange-traded fund approval, with Canary, an emerging fund manager, filing for an HBAR-focused ETF. Some analysts believe it has a strong chance of being approved.

JPMorgan’s recent report predicts that the SEC, now led by Paul Atkins, is likely to approve crypto funds. The report cited Ripple and Solana as examples of assets that could attract billions of dollars in inflows. The approval of these funds could pave the way for a spot Hedera ETF.

Ecosystem Growth and Governance

The total value locked in Hedera Hashgraph’s ecosystem has continued to rise in US dollar terms, currently holding nearly $180 million in assets. Led by protocols such as Stader, SaucerSwap, Bonzo Finance, and Heliswap, the network’s stablecoin market cap has increased to $11 million.

Hedera is often seen as a faster and more cost-effective alternative to Ethereum. The network’s governance council includes major companies such as Tata, Abrdn, Worldpay, IBM, and Dell.

Price Analysis and Predictions

The daily chart shows that HBAR has remained in a tight range after peaking at $0.3922 in November. The token has formed a symmetrical triangle pattern, a key part of the bullish pennant pattern, which is a popular continuation signal.

HBAR price is trading above its 50-day Exponential Moving Average and has reached the ultimate resistance level of the Murrey Math Lines. It is also positioned between the 61.8% and 78.6% Fibonacci retracement levels, indicating a consolidation phase.

The chart suggests that HBAR is likely to experience a strong bullish breakout. Key levels to watch include:

  • $0.3920, the token’s high on December 3
  • $0.50, representing a 68% increase from the current price

A move above the $0.3920 level could trigger further gains, with the psychological target set at $0.50. As the market continues to evolve, it’s essential to stay informed about the latest developments in the world of cryptocurrencies.

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