The HBAR price bounced back this week and jumped to its highest point since March 9 as the crypto market improved. On Friday, the Hedera Hashgraph token jumped to a high of $0.2063, up by over 60% from its lowest point this year.
HBAR Price Technical Analysis
The daily chart shows that the Hedera Hashgraph price peaked at $0.4027 in January as investors piled into USA coins after the Trump administration proposed creating a stockpile of altcoins for government reserves.
HBAR price formed a falling wedge chart pattern of two converging descending trendlines. This pattern often leads to a strong bullish breakout, which explains why it has jumped by 60% from its lowest point in April.
Hedera then formed an inverse head and shoulders pattern, a popular bullish reversal. It has now moved above the neckline at $0.20. The distance between the head and the neckline was about 60%, and measuring that distance from the neckline brought the target to $0.3200. This price coincided with the 23.60% Fibonacci Retracement level.
A drop below the support at $0.1700, the right shoulder, would invalidate the bullish Hedera price forecast.
READ MORE: This $36.7 Trillion Catalyst May Boost BTC, ETH, ADA, HBAR, XLM Prices
Why Hedera Hashgraph Price is Soaring
There are a few catalysts that may push the price of HBAR higher. First, as we have predicted several times—here and here—there are rising odds that Bitcoin’s price will surge in the coming weeks. It has already jumped above $100,000; the next level to watch will be the all-time high of $109,300.
Moving above that level will lead to more gains, potentially $150,000. This move will likely lead to more gains for altcoins, including Hedera Hashgraph.
Second, the coin will soar because of the increasing likelihood of the rising stablecoin market in the network. Data shows that these coins have gone parabolic within the past few months, reaching a high of $131 million, up from less than $40 million in January. That is a sign that investors are flowing to Hedera because of its low fees and fast speeds.
Further, the total value locked of Hedera Hashgraph has jumped to over $193 million, led by large players such as Stader, SaucerSwap, Bonzo Finance, and HbarSuite. Moreover, there are rising odds that the SEC will approve HBAR ETFs like Canary Capital and Grayscale.
