Hedera Hashgraph price has remained in a tight range in the past few weeks as the recent rally took a breather. The HBAR token was trading at $0.3150, a few points above the recent low of $0.2345. It remains about 650% from its lowest level in September last year. Here’s why the Hedera price may jump to $1.
Hedera Hashgraph price analysis
The daily chart shows that the HBAR price has remained in a tight range in the past few weeks. It has remained above the 50-day and 200-day moving averages, which made a bullish crossover known as a golden cross in November last year.
Hedera has also formed a bullish pennant pattern, one of the most popular positive signs in the market. The vertical line of this pattern started in November last year when the coin surged hard. It has been forming a symmetrical triangle chart pattern, now nearing its confluence level.
The coin also remains above the crucial support level at $0.1815, the highest swing in April last tear. It has also moved to the overshoot level of the Murrey Math Lines, while oscillators like the Relative Strength Index (RSI) and the MACD have pointed upwards.
Therefore, the Hedera Hashgraph price will likely continue soaring as bulls target last year’s high of $0.3922, its highest level in December last year. A move above that level will boost the chance of the HBAR token soaring to $0.50, followed by the psychological point at $1. A move to $1 would imply a 217% above the current level.
The stop-loss of this trade will be at $0.2685, the weak, stop & reverse point of the Murrey Math Lines indicator.
Read more: Exclusive interview with Charles Adkins, the new Hedera president
HBAR’s top catalysts
There are several fundamental reasons why the HBAR price may continue its strong uptrend in the next few months.
First, from a macro level, cryptocurrency prices often perform well in the first quarter. Bitcoin’s average return in the first quarter is 52%, while Ethereum’s average is 83%. Q1 is the second-best-performing quarter after Q4.
In most cases, cryptocurrencies perform well after a change in the US government. The returns on Bitcoin in 2021 and 2017 were 103% and 12%, respectively, while Ethereum returned 160% and 518% in the same period.
Second, there are rising odds that the Securities and Exchange Commission (SEC) will approve spot Hedera Hashgraph ETF later this year. Most analysts believe that Paul Atkins’s SEC will be significantly friendlier to the crypto industry than Gary Gensler’s.
Gary Gensler, an anti-crypto regulator, focused on lawsuits during his tenure, bringing suits against companies like Uniswap, Kraken, and Binance.
Third, the FTX Estate will start distributing its funds to creditors and depositors later this month. Most of these funds will likely flow to other blue-chip cryptocurrencies like Hedera Hashgraph and Bitcoin.
Further, Hedera has made major partnerships with top companies like IBM, Google, and Ubisoft that are part of its governance. These firms will likely use Hedera when building their decentralized projects.
Hedera’s ecosystem is growing as its total value locked (TVL) jumped to more than $110 million. Stader, SaucerSwap, and Bonzo Finance are its top players in the ecosystem. More developers will likely continue to embrace it because of its features like quick transaction speeds and low transaction costs.
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