HBAR Price Analysis: Can It Reach $1 Level?

Bittime - Hedera (HBAR) price is attracting attention with its significant price surge in recent times. 

However, can this bullish trend continue and HBAR price can reach the $1 level? Read this article for the analysis!

HBAR Price Analysis: Reasons for Price Surge

Hangry HBAR managed to reach $0.278, a milestone that pushed Hedera into the top 20 cryptocurrencies by market capitalization.

This increase was triggered by a number of factors, such as strategic partnerships with the US Federal Reserve's FedNow payment system. If this is realized, HBAR could gain significant institutional adoption.

Beside that, investment company Canary Capital filed a Hedera ETF application with the SEC. If approved, institutional investors can engage directly with HBAR, thereby strengthening price upward momentum.

In the last 30 days, open interest in HBAR derivative contracts also jumped more than 1000% to reach $222 million. 

Read Also: Is HBAR Worth a Long Term Investment?

HBAR Price Analysis: Breakout and Key Levels

HBAR price is currently trading around $0.25, which is the highest level since March 2022. 

The move broke the key resistance level of $0.2409, which is also the 50% Fibonacci retracement point. 

This price spike paves the way to the next price target. With the MACD indicator showing a bullish signal, HBAR price has the potential to reach the price target at $0.35 and the previous ATH at $0.44.4

HBAR Price Analysis: Target Level $1

Meanwhile, Target the psychological level of $1 seems very ambitious. However, with strong bullish momentum, solid technical support, and favorable fundamentals, HBAR price has the potential to continue rising. 

Thus, the target level of $1 may not be reached in the near future, but it may be achieved in the long term.

Read Also: Latest Hedera (HBAR) Coin Price Prediction, Can It Rise to What Level?

FAQ Hedera (HBAR)

What is Hedera (HBAR)?

Hedera is a platform that uses unique “hashgraph” technology to support DApps. Hedera's native token, HBAR, is used to pay for transactions on the network and maintain security through a staking mechanism.  

What are the advantages of Hedera (HBAR) compared to other blockchains?

Hedera offers high transaction speeds, low fees, and much better energy efficiency than other blockchains. Hedera also has strong governance through a global member board that includes major companies such as Google and IBM.

How to Buy Hedera (HBAR)?

Hedera (HBAR) can be purchased via various exchange platforms such as Bittime, just by visiting the trade page on the official Bittime website. 

How to Buy Crypto with Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with CoFTRA, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Cek rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference

Guido Battigelli, Hedera (HBAR) Shakes the Market with a 47.5% Surge in a Single Day!, accessible on December 7, 2024.

Sakamoto Nashi,HBAR Price Analysis: Will $0.25 Breakout Target $1, accessible on December 7, 2024.

Author: IPR