Hedera (HBAR) has been on a significant bull run, with its price jumping by 150% in just a week, reaching $0.1445. Over the last two weeks, the token surged by 245%, pushing its market cap to $5.45 billion. The question now is whether this momentum will continue, driving HBAR to a new 52-week high of $0.35.
Let’s understand why HBAR is the hot choice for crypto investors looking for some low-budget coins.
Technical Indicators Point to Bullish Momentum
Hedera’s recent price action shows a V-shaped reversal, approaching its 52-week high of $0.1567. The surge has been marked by consecutive bullish candles and a positive crossover between the 50-day and 100-day EMAs, signaling strong upward momentum. The MACD histogram also supports the bullish trend, reflecting increasing market strength.
The Ichimoku Cloud chart for HBAR shows that the price has broken above the cloud, confirming a bullish trend. The green cloud ahead offers strong support, and the Tenkan-sen (conversion line) above the Kijun-sen (baseline) suggests solid short-term momentum. The Chikou Span (lagging line) further supports the bullish outlook, indicating that HBAR could continue its upward trajectory.
Potential for New Price Targets
Based on Fibonacci levels, analysts predict potential price targets of $0.2249 and $0.355, a 145% increase from current levels. However, a pullback could see the price test the $0.1180 level or the 78.6% Fibonacci retracement. The Relative Strength Index (RSI) remains in overbought territory, a sign that the bullish trend could persist for some time, similar to the 2021 bull run where HBAR soared from $0.04 to $0.45.
If HBAR continues its upward momentum, it could break through its nearest resistance at $0.14, paving the way for a potential 54% increase to $0.182. However, any trend reversal could result in a pullback to $0.098 or even $0.068, depending on market conditions.
What’s driving this surge?
Rumors of a partnership between Hedera Hashgraph and SpaceX, aimed at satellite payments, are adding fuel to the bullish sentiment. This collaboration could play a key role in the price surge, pushing HBAR even higher.
Crypto commentator Mason Versluis has highlighted the potential appointment of Brian Brooks, a Hedera board member and former Binance US CEO, as the next SEC chairman. With his extensive experience in both traditional finance and cryptocurrency, Brooks could bring a fresh perspective to crypto regulation, generating significant interest within the crypto community, particularly regarding its potential impact on HBAR’s price.
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