The HBAR price rose for the second consecutive day as demand from American investors increased following the Robinhood listing. Hedera token jumped to $0.28, a few points below the year-to-date high of $0.2985.
Hedera Volume and Open Interest Soars
The HBAR price surged as investors rushed to acquire the token following its listing on Robinhood. While Robinhood is known for its stock and options trading, it has become a major player in the cryptocurrency industry, handling over $40 billion in volume in the first quarter.
Third-party data shows that Hedera’s spot and futures volume jumped. CoinMarketCap data shows that the 24-hour figure jumped by 11.25% in the last 24 hours to $11.90 billion. Its futures open interest spiked to over $453 million, the highest level since July 20.
Hedera Hashgraph has come into the spotlight as its role in the stablecoin industry has become more pronounced. Data shows that the stablecoin supply on Hedera has increased to $209 million, a slight decrease from its all-time high of $211 million.
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The supply has jumped by 422% since June 25. Most of this supply consists of USD Coin, with a dominance of 99%. A surge in stablecoin supply is a sign that the network is becoming more active, likely because of its low transaction costs.
HBAR price also jumped after the developers announced a price increase for its consensus network. Its cost will jump from $0.0001 to $0.0008 in January next year. The developers noted that this price increase will help it gain long-term sustainability and provide predictable pricing.
HBAR Price Technical Analysis
The daily chart shows that the Hedera price has staged a strong rally in the past few months. It jumped from a low of $0.1242 in June to $0.28 today.
The token formed the highly bullish golden cross pattern on July 17. Most importantly, it broke out above the key resistance level at $0.2275, its highest point on May 12, and the neckline of the double-bottom at $0.1242. It then retested that level, confirming the break-and-retest pattern.
The HBAR price is also in the second phase of the Elliott Wave, meaning it will soon enter the third phase. The third phase is usually the longest.
Therefore, Hedera is likely to continue rising as bulls target last year’s high of $0.4018, which represents a 43% increase from the current level.
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