Hedera (HBAR) has recently captured the attention of the cryptocurrency world with a remarkable bull run. The token’s price has soared by an impressive 150% in just a week, reaching a notable $0.1445. Over the past fortnight, HBAR’s value surged by a staggering 245%, elevating its market capitalization to an impressive $5.45 billion. The pressing question for investors now is whether this upward momentum will persist, potentially driving HBAR to a new 52-week high of $0.35. Let’s delve into why HBAR has emerged as a favored choice among crypto investors, particularly those seeking promising low-budget coins.
Technical Indicators Point to Bullish Momentum
The recent price movement of Hedera demonstrates a robust V-shaped reversal, bringing it closer to its 52-week peak of $0.1567. This surge is characterized by successive bullish candles and a positive crossover between the 50-day and 100-day Exponential Moving Averages (EMAs), indicating strong upward momentum. The Moving Average Convergence Divergence (MACD) histogram further corroborates this bullish trend, reflecting a growing market strength.
Analyzing the Ichimoku Cloud chart for HBAR, we observe that the price has decisively broken above the cloud, confirming a bullish trajectory. The green cloud ahead provides substantial support, while the position of the Tenkan-sen (conversion line) above the Kijun-sen (baseline) suggests solid short-term momentum. The Chikou Span (lagging line) also reinforces the bullish outlook, suggesting that HBAR may continue its upward journey.
Potential for New Price Targets
Utilizing Fibonacci levels, analysts forecast potential price targets of $0.2249 and $0.355, representing a 145% increase from current levels. However, should a pullback occur, the price may test the $0.1180 level or the 78.6% Fibonacci retracement. Notably, the Relative Strength Index (RSI) remains in the overbought zone, indicating that the bullish trend could persist for some time, reminiscent of the 2021 bull run when HBAR skyrocketed from $0.04 to $0.45.
If HBAR maintains its upward trajectory, it could surpass its immediate resistance at $0.14, paving the way for a potential 54% increase to $0.182. However, in the event of a trend reversal, a pullback to $0.098 or even $0.068 could materialize, contingent upon market dynamics.
What’s Driving This Surge?
Speculation about a potential partnership between Hedera Hashgraph and SpaceX, aimed at satellite payments, is fueling the bullish sentiment. This collaboration could significantly influence the price surge, driving HBAR even higher. Additionally, crypto commentator Mason Versluis has spotlighted the potential appointment of Brian Brooks, a Hedera board member and former CEO of Binance US, as the next SEC chairman. With Brooks’ extensive experience in both traditional finance and cryptocurrency, his leadership could bring a fresh perspective to crypto regulation, generating significant interest within the crypto community and potentially impacting HBAR’s price favorably.
