Hedera Hashgraph’s price has seen significant growth, rising by over 12% in the past day and over 30% from its lowest point last week. This upward trend is part of a larger rebound in the cryptocurrency market, often referred to as the ‘Santa Claus rally.’

Market Sentiment and Technical Analysis

The recent price increase can be attributed to improved market sentiment and technical indicators, rather than any Hedera-specific news. The sentiment among traders improved following Canary Capital’s filing for the first Hedera ETF in November. Eric Balchunas, senior ETF analyst at Bloomberg, predicted that the Securities and Exchange Commission will likely approve the HBAR fund, citing that the agency has not labeled HBAR a security.

This rebound also coincides with a decline in futures open interest, which plummeted to $209.7 million on December 22 from last month’s high of $460 million. Historically, coins often experience a rebound when open interest and sentiment among traders drop.

Technical Patterns and Outlook

A closer look at the HBAR price chart reveals the formation of several bullish patterns, including:

  • Double-bottom pattern at $0.2350, with a neckline at $0.3310.
  • Falling wedge chart pattern, connecting the highest levels on December 7, 18, and 20.
  • Bullish pennant pattern, consisting of a long flag pole followed by a triangle pattern.
  • Three white soldiers candlestick pattern, characterized by three consecutive candlesticks.

Additionally, Hedera Hashgraph has remained above the 50-day moving average, signaling that bulls are still in control. Given these technical indicators, the outlook for the HBAR price is bullish, with the next key level to watch being the year-to-date high of $0.40, which is 20% higher than the current level.

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