Hedera Hashgraph (HBAR) surged to $0.3300 on Christmas Eve, marking a remarkable 30% rebound from last week’s lows. This price recovery aligns with a broader rally among altcoins, including Helium (HNT), JasmyCoin (JASMY), and VeChain (VET).
While no specific news directly fueled HBAR’s rise, market sentiment and technical patterns appear to have driven the rally. Trader confidence in Hedera improved following Canary Capital’s November filing for the first spot Hedera ETF. Bloomberg’s senior ETF analyst, Eric Balchunas, predicted that the U.S. Securities and Exchange Commission (SEC) is likely to approve the HBAR fund, as the SEC has not labeled Hedera a security—a distinction made for tokens like Solana and Ripple.
Another factor contributing to HBAR’s recovery was the decline in futures open interest. The metric dropped to $209.7 million on December 22 from a November high of $460 million. Such drops in open interest often precede price rebounds, as bearish sentiment wanes.
Bullish Technical Patterns Emerge
HBAR’s recent price action also reflects strong technical indicators. The cryptocurrency formed a double-bottom pattern at $0.2350, with a neckline at $0.3310. This formation typically signals diminishing bearish momentum. Additionally, Hedera’s chart revealed a falling wedge pattern—a bullish indicator—connecting key price levels from December 7, 18, and 20.
Complementing these patterns, HBAR developed a bullish pennant, characterized by a long flagpole and a consolidation triangle. The coin’s position above the 50-day moving average further supports the bullish case. It also formed the “three white soldiers” candlestick pattern, signaling sustained bullish momentum over consecutive trading sessions.
Outlook for HBAR
As HBAR consolidates its gains, its next significant resistance level is the year-to-date high of $0.40, approximately 20% above its current price. With bullish sentiment, favorable technical patterns, and growing institutional interest, Hedera Hashgraph could maintain its upward trajectory.
Also Read: HBAR Eyes $0.4: Can Hedera Hashgraph Break Key Resistance for Further Gains?
This rally underscores the importance of both market sentiment and technical analysis in driving altcoin performance, making HBAR a cryptocurrency to watch as the year concludes.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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