Hedera’s native cryptocurrency, HBAR, has emerged as one of the top-performing cryptocurrencies in recent days, driven by significant whale accumulation and community hype surrounding the HBAR ecosystem.

HBAR’s Recent Rally

Hedera’s HBAR has experienced a notable surge, rising 47% over the past day to reach a seven-month high of $0.253 before settling at $0.250 at press time. This rally has extended its monthly gains to over 450% and pushed its market capitalization to $9.65 billion.

Key Drivers Behind the HBAR Rally

Several factors are contributing to the HBAR rally, including its growing involvement in blockchain-powered federal payment systems. Hedera’s integration with the Federal Reserve’s FedNow payment network, facilitated by Dropp, enables real-time, secure, and efficient transactions.

Speculation has also emerged around Ripple’s potential involvement, with rumors suggesting an expansion of Hedera’s integration to include support for Ripple’s upcoming RLUSD stablecoin. If true, this could pave the way for an interoperability layer between HBAR and XRP, furthering their collaboration on global standards for CBDC and stablecoin settlements.

Additionally, HBAR traders are optimistic due to speculation surrounding the potential approval of a Hedera-focused exchange-traded fund filed by Canary Capital with the U.S. Securities and Exchange Commission.

Whale Activity and Trading Volume

Data from HederaWatch highlights a sharp increase in accounts holding between 100,000 and 100 million HBAR, with those holding 100 million surging by over 20% since August.

The HBAR price surge has been matched by a notable jump in trading activity and open interest. Within the last 24 hours, trading volume skyrocketed by 323% to $3.46 billion, while open interest climbed 76% to $324 million.

HBAR’s Technical Analysis

On the daily HBAR/USDT chart, the cryptocurrency’s price has climbed above both its 50-day and 200-day Simple Moving Averages, forming a golden cross. This is a strong bullish signal that often points to growing momentum and the potential for further price increases.

However, the Relative Strength Index has hit 83, showing strong buying activity and confirming the bullish trend. An RSI above 70 typically signals that an asset is in overbought territory, which means HBAR might be due for a cooldown or a price pullback if the current momentum starts to slow down.

Support Levels and Future Outlook

In case of a price reversal, HBAR could find support at $0.1358, aligning with the middle Bollinger Band—a level previously tested as support during its drop on Nov. 25.

For more updates on the cryptocurrency market, visit Global Crypto News for the latest news and insights.

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