🌎 Hedera Hashgraph Price Surges 823%

Hedera Hashgraph Price Rally Stalls After Surging 823%

Hedera Hashgraph’s price rally has stalled this month after surging by over 823% between November 5 and December 3. The cryptocurrency was trading at $0.32, up by 650% from its lowest level last month. The recent surge has pushed its market cap to over $12 billion.

Potential Catalysts for Hedera Hashgraph’s Price Growth

Hedera has numerous catalysts that may push its price higher, as some analysts expect. One of these analysts believes that HBAR price has room to jump to $1 in this bullish cycle, citing its technicals, especially a double-bottom pattern.

Won’t be long before $HBAR starts moving again up towards the $1.00, continuation pattern present, giving us now a confluence of patterns taking us toward $1.00 (larger double bottom still in play)

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

Decentralized Finance Ecosystem and Demand in the Futures Market

Hedera Hashgraph is also seeing traction in its decentralized finance ecosystem. Data shows that the total value locked has jumped to a record high of almost $200 million, much higher than January’s 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, where futures open interest rose to over $326 million. Open interest is a metric that looks at the open call and puts options trades in the futures market.

HBAR Price Chart Analysis

The weekly chart shows that the Hedera Hashgraph price has been in a strong bullish trend in the past few weeks. It has jumped above the important resistance level at $0.1810, its highest swing on April 2022, and the neckline of the double-bottom around the $0.050 level.

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

Key Levels to Watch for HBAR Price

More upside will be confirmed if the price rallies above the year-to-date high of $0.3900. If this happens, the next point to watch will be at $0.5690, the all-time high. A move above that level will point to more gains, possibly to $1.