news 
Hedera (HBAR) Skyrockets 21% in Just One Day: Here Are the Details
Hedera’s price has experienced a remarkable surge, surging by 21% in a single day. This sudden increase aligns with a broader recovery among altcoins following the “Santa rally” that fueled the crypto market’s Christmas cheer.
What Drives Hedera’s Increase?
While no specific news directly triggered HBAR’s rise, analysts attribute the growth to positive market sentiment and favorable technical factors. The anticipation of an approved Hedera exchange-traded fund (ETF) is also seen as a significant catalyst for this optimism. If approved by the U.S. Securities and Exchange Commission (SEC), such an ETF would be a major step in increasing HBAR’s visibility and adoption.
Technical Factors: A Double Bottom and Falling Wedge
From a technical perspective, HBAR has formed bullish patterns, including a double bottom and a falling wedge. These formations indicate the potential for a continued upward trend.
In addition, Hedera’s price remains above its 50-day moving average, suggesting that buyers are still dominant in the market. As a result, some analysts predict that HBAR could potentially reach $0.40 in the short term, representing a 20% increase from its current level.
While this forecast is not without risk, experts caution that if certain support levels are not maintained, HBAR may face potential corrections. The $0.187 and $0.207 levels are being closely monitored as critical areas to prevent further declines.
Long-term Projections
Some analysts have also suggested the possibility of even higher valuations for HBAR, potentially reaching as high as $3.27 if its upward trajectory continues.
However, it’s essential to note that these predictions remain subject to market developments and potential external factors that may impact the cryptocurrency’s price.
In conclusion, Hedera’s 21% surge is largely attributed to the “Santa rally” fueled by positive sentiment in the crypto market.
Source: crypto-economy.com
