Hedera Hashgraph’s HBAR price has soared recently, marking a noteworthy surge as the Santa Claus rally sweeps through the crypto market. On Christmas Eve, HBAR peaked at $0.3300, reflecting an impressive boost of over 30% from its lowest point just a week prior. This upward trend coincided with a general recovery among other notable altcoins, including Helium (HNT), JasmyCoin (JASMY), and VeChain (VET).
Interestingly, there was no specific news directly related to Hedera that prompted this rise. Instead, it appears that improved sentiment among traders and some technical factors are driving forces behind this rally. The mood around Hedera brightened significantly after Canary Capital initiated the first Hedera ETF application back in November. Eric Balchunas, a senior ETF analyst at Bloomberg, expressed confidence that the Securities and Exchange Commission will likely approve the HBAR fund, noting that the agency hasn’t categorized HBAR as a security, unlike some competitors such as Solana and Ripple.
Additional fuel for this price bounce came as futures open interest dropped to $209.7 million on December 22, a stark decline from the previous month’s high of $460 million. This pattern is frequently associated with rebounds; as open interest and trader sentiment decrease, it often heralds a market uptick.
On the technical chart, HBAR has formed two bullish patterns. Observations from crypto.news highlighted a double-bottom pattern developing around $0.2350, with a neckline at $0.3310, its peak on December 13. This pattern suggests that bearish traders may hesitate to place short sales below this level, hinting at a more sustained recovery.
Moreover, Hedera has showcased a falling wedge chart pattern, characterized by a convergence of highs and lows. Historically, this pattern can lead to further gains in price.
To add to the bullish outlook, HBAR has remained above its 50-day moving average, indicating that bullish forces continue to hold sway. The emergence of the three white soldiers candlestick pattern, which consists of three consecutive upward-trending candles, underscores the current momentum in HBAR’s favor.
As the market looks ahead, the next significant target for HBAR price is the year-to-date high of $0.40, representing a potential gain of 20% from its current position.
Investors seem optimistic, but what does this mean for the future of Hedera Hashgraph? As the pulse of the cryptocurrency market beats strong, HBAR appears poised to keep its momentum. So, if you have been keeping an eye on HBAR, now might be the time to consider your next move.
