Hedera’s HBAR token saw a significant surge of nearly 12% on Friday, reaching $0.2657 and surpassing all other top-20 cryptocurrencies in terms of daily percentage gain. This increase was largely attributed to the announcement made by Robinhood, a popular trading platform, that they had added support for the asset. This move exposed HBAR to a wider audience of U.S. retail investors, leading to a substantial uptick in trading volumes.
The trading volumes for HBAR spiked significantly, particularly around mid-day on July 25, with over 713 million tokens being traded in a single hour. This surge pushed prices past the $0.26 mark, establishing it as a near-term resistance level. Despite this, the token continued to exhibit strong upward momentum heading into the weekend.
Unlike traditional blockchains, Hedera operates on a unique hashgraph consensus model that enables high-speed, low-cost transactions at scale. The network is designed to support decentralized applications, NFTs, and DeFi, and is recognized for its energy efficiency. HBAR, the network’s native token, is utilized for paying network services, staking for security, and incentivizing node participation.
Some analysts believe that HBAR may have further room for growth. One crypto analyst, ChartNerd, highlighted a key technical hurdle at the $0.35 resistance level. If HBAR manages to surpass this level with strong momentum, it could enter a phase known as “price discovery,” where there are no previous highs to act as barriers. Fibonacci extension levels suggest that in a bullish scenario, HBAR could potentially rise to $1.26 or even $3.30.
In terms of technical analysis, HBAR experienced a notable increase from $0.24 to $0.27 over a 24-hour period, marking a nearly 12% gain. The peak occurred around midday on Friday, with a sharp rise in trading volume propelling prices above $0.26. While $0.26 may pose as a short-term ceiling, support remained steady around $0.24, indicating a clear upward trend.
Traders are now keeping a close eye on a potential move above $0.27, which could signal further gains over the weekend. Overall, HBAR’s recent performance and positive momentum have captured the attention of both traders and investors, positioning it as a cryptocurrency to watch in the near future.