Hedera (HBAR) Price Analysis in Early December

Bittime - Hedera (HBAR) attracted attention because it experienced a significant increase in early December.

So, will HBAR prices continue to rise? Read this article to find out Hedera (HBAR) price movement analysis!

HBAR Price Analysis Rises in early December

Source: Tradingview.com

AHBAR price analysis rose by 136%, from a weekly low of $0.164 to a peak of $0.392. This makes HBAR one of the crypto assets with the best performance in the last 7 days.

Not only that, if calculated from its lowest point in November 2024, the HBAR price has experienced a spectacular increase of 831%. 

At the end of last week, the price of HBAR closed at $0.33, and became one of the tokens with the most impressive recovery in less than 6 weeks. 

However, despite the very bullish performance, some signs of selling pressure are starting to appear.

Read Also: Is HBAR Worth a Long Term Investment?

HBAR Price Analysis: Selling Pressure Starts to Increase

Based on HBAR price analysis, the bullish momentum was initially supported by a surge in demand in the spot market. This demand peaked at $48.22 million on December 2, but has since started to decline. 

In the last 24 hours, data showed an outflow of $8.62 million, indicating selling pressure from investors who may have taken advantage of previous price increases.

Additionally, open interest also saw a significant increase over the past week, peaking at $459.87 million on Saturday, which also marked a new record high. 

However, funding rates which are still positive indicate that demand in the derivatives market remains greater than the existing selling pressure. If the funding rate starts to turn negative, this could be an indication of stronger selling pressure.

HBAR Price Analysis: Decreasing Momentum in On-Chain Data

HBAR price analysis based on Hedera on-chain shows that the bullish momentum is starting to slow down. The network's transaction volume peaked at $67.59 million on December 3, setting a record for the highest volume on the Hedera network. 

However, since then, volume has decreased significantly to a third of its peak figure. 

HBAR's TVL also peaked on December 3 at $211.86 million, before dropping to $196.65 million. This decrease in TVL was likely caused by profit-taking when the HBAR price soared. 

In terms of the number of HBAR tokens, TVL has been decreasing since mid-November, from 1.06 billion HBAR on November 16 to 594.67 million HBAR on December 8.  

HBAR Price Analysis: Prospects of Hedera (HBAR)

Even though selling pressure is starting to appear, HBAR price analysis still has the potential to continue the rally if demand in the market increases again. A new surge in demand could be a catalyst supporting further price increases. 

In conclusion, Hedera (HBAR) showed a remarkable recovery in the last few weeks, although signs of slowing momentum are starting to appear. 

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

Hedera (HBAR) FAQs

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. 

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Reference

AMB Crypto, HBAR kicks off December with a 136% gain, hits new ATH – What now?, accessed December 11, 2024.

Trading View, Trading View Chart HBAR, accessed December 11, 2024.

Author: IPR