HBAR Price Surges Amid Crypto Market Rally and DeFi Network Growth
The price of HBAR, the native cryptocurrency of Hedera Hashgraph, has been on a remarkable uptrend, rising for six consecutive days and reaching its highest level since May 8. This surge in price can be attributed to the intensifying crypto market rally and the continuous improvement of its decentralized finance network.
Currently, the Hedera Hashgraph (HBAR) token has skyrocketed to a high of $0.2285, marking its highest level since March 27. This surge represents an impressive 80% increase from its lowest point in June, aligning with the overall performance of most altcoins in the market.
The price of HBAR has been further fueled by the significant increase in total value locked within the ecosystem, which now stands at over $215 million. This surge in assets marks a substantial growth from the year-to-date low of $151 million, highlighting the growing interest and participation within the network. Some prominent players in the ecosystem include Stader, SaucerSwap, Bonzo Finance, and Libre Capital.
Recent data also reveals a substantial increase in volume within the decentralized exchange networks of Hedera Hashgraph. These protocols have witnessed over $15.6 million in trading volume in the last 24 hours and a total of over $80 million throughout the week, indicating heightened activity and liquidity within the network.
Of particular significance is the surge in stablecoin assets within the network, which have surpassed $151 million. This surge marks a significant turnaround from the previous low of $40 million, with stablecoins now approaching their all-time high of $212 million. The increased presence of stablecoin assets signals a growing user base and investor interest in the network.
Investors are also optimistic about the potential approval of HBAR ETFs by the Securities and Exchange Commission later this year. Such approval could pave the way for increased inflows from institutional investors, particularly from Wall Street, further boosting the adoption and value of HBAR.
Technical Analysis of HBAR Price
Looking at the daily chart, the HBAR price has bounced back after forming a double-bottom pattern at $0.1255, a bullish signal in technical analysis. The price is now approaching the neckline at $0.2288, which was its peak on May 12. This double-top pattern suggests a potential price increase of about 45%.
HBAR price has crossed above the 50-day and 100-day Exponential Moving Averages, indicating a positive momentum. Moreover, both the Relative Strength Index and the MACD are on the rise, supporting the bullish outlook for the token.
With these technical indicators in place, it is likely that the HBAR price will continue to climb, with a target set at $0.3327, representing a 45% increase from the current level. This target is derived from measuring the depth of the double-bottom pattern and projecting the same distance from the neckline.