Hedera Hashgraph price rally has stalled this month after surging by over 823% between Nov. 5 and Dec. 3.
Hedera Hashgraph (HBAR) was trading at $0.32, up by 650% from its lowest level last month. The recent surge has pushed its market cap to over $12 billion.
Hedera has numerous catalysts that may push its price higher, as some analysts expect. One of these analysts, All In Crypto, believes that HBAR price has room to jump to $1 in this bullish cycle. He cited its technicals, especially a double-bottom pattern, to predict this move.
One potential catalyst for Hedera Hashgraph is the rising hopes for an HBAR fund. Valour Funds, a large firm with over $1 billion in assets, filed for a Hedera physical staking exchange-traded product on Euronext, a move that will lead to more adoption by institutional investors.
Just last month, Canary Capital filed for a spot on HBAR ETF with the Securities and Exchange Commission. There is a chance that the ETF will be approved since the agency is set to go through major changes when Gary Gensler steps down.
Hedera Hashgraph is also seeing traction in its decentralized finance ecosystem. Data shows that the total value locked has jumped to a record high of almost $200 million, much higher than January’s low of $53 million. The biggest players in the ecosystem are Stader, SaucerSwap, and Bonzo Finance.
HBAR is also seeing strong demand in the futures market, where futures open interest rose to over $326 million. Open interest is a metric that looks at the open call and puts options trades in the futures market.
HBAR price has more upside to go
The weekly chart shows that the Hedera Hashgraph price has been in a strong bullish trend in the past few weeks. It has jumped above the important resistance level at $0.1810, its highest swing on April 2022, and the neckline of the double-bottom around the $0.050 level.
Hedera Hashgraph price has moved above the 50-week and 25-week moving averages. It has also moved above the 50% Fibonacci Retracement level.
More upside will be confirmed if the price rallies above the year-to-date high of $0.3900. If this happens, the next point to watch will be at $0.5690, the all-time high. A move above that level will point to more gains, possibly to $1.
