Hedera Hashgraph (HBAR) has grabbed headlines in the ongoing crypto rally, up by 30% in the last week and by 235% in the last month. The altcoin has formed an ascending channel on the daily chart, underlining a strong momentum with more upside potential. HBAR price was up by 13% to $0.164 at the time of writing, recording a fourth successive daily gain.
While the wider crypto market is taking cues from Bitcoin, the outliers are assets with stable fundamentals and utility. This is unlike the previous rallies that had meme coins leading the way. Hedera Hashgraph is built to enhance transaction efficiency and security in a public ledger system. It boasts of low transaction fees, fast transaction speeds, low energy demand and smart contract support.
Furthermore, HBAR’s relatively stronger upside momentum is fuelled by a recent ETF filing. Crypto fund management fund Canary Capital applied for an HBAR ETF to the Securities and Exchange Commission last week. However, the news was followed by Bitcoin’s pullback, driven by profit-taking.
Nonetheless, the continuation of the market rally, characterized by the BTC price march past $98k, provides an opportunity for investors to trade on the HBAR ETF news. That will increase demand for the asset and add fuel to the current sentiment-driven rally.
HBAR price pivots at $0.163, and the buyers will be in control if action stays above that level. Immediate resistance is likely to be at $0.170. However, HBAR could break above that barrier if the upward momentum strengthens. That could see it test the second resistance at $0.172.
Conversely, a break below $0.163 will give the sellers control, with initial support likely to be at $0.160. However, a stronger bearishness will break below that level, at which point the upside narrative will be invalid. Also, that could send HBAR lower to test $0.153.
This post was last modified on Nov 29, 2024, 19:58 GMT 19:58