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Hedera (HBAR) Skyrockets 21% in Just One Day: Here Are the Details
In a stunning turn of events, Hedera’s price has surged by an astonishing 21% in just one day. This meteoric rise has left many investors and market analysts scrambling to understand the reasons behind this unprecedented upswing.
While there is no specific news that directly triggered this massive increase, experts attribute it to a broader recovery among altcoins in the market. The sentiment shift can be attributed to various factors, including the anticipation of an exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC).
As Eric Balchunas, an ETF analyst at Bloomberg, noted, the SEC has not classified Hedera as a security like Solana or Ripple, which increases the likelihood of a smooth approval process.
From a technical standpoint, HBAR’s price action has formed bullish patterns such as a double bottom and a falling wedge, indicating a potential continuation of this trend. Furthermore, the token’s value remains above its 50-day moving average, suggesting that buyers are still dominant in the market. Experts believe that HBAR could reach $0.40 in the short term, which represents a 20% increase from current levels.
However, some analysts also caution against potential corrections if certain support levels are not maintained. Specifically, attention is being paid to the $0.187 and $0.207 zones as critical areas of support to prevent further declines.
Source: crypto-economy.com
