Hedera Hashgraph price has made a strong bullish trend in the past few weeks, making it one of the best-performing layer-1 networks in the industry. The HBAR token was trading at $0.1670 on Saturday, a few points below the year-to-date high of $0.1866. It has jumped by over 300% from its lowest point this year.
Analysts are bullish on Hedera Hashgraph price
Crypto analysts are extremely bullish on the HBAR price. In a recent statement, Trader Rocko, a popular analyst in the industry, noted that the coin would soon jump to $0.20, up by about 20% from the current level. He believes that the coin would jump to $1 in the long term.
GripeCoin, another popular analyst predicted that the Hedera Hashgraph price would jump to $15, implying a 8,830% surge from the current level. If that happens, it would push Hedera’s market cap from the current $6.4 billion to over $570 billion.
Meanwhile, More Crypto Online, noted that the HBAR price would continue rising, potentially to $0.23. As shown below, he pointed to Elliot Wave, which is one of the most popular harmonic patterns in the industry.
$HBAR: This looks like an attempted upside breakout from an Elliott Wave triangle. The move to the upside is very extended and could form a price top at any point, but one more high is likely developing. The next upside levels to watch are $0.176, $0.20 and $0.23. #HBAR
HBAR’s ecosystem is doing well
Hedera Hashgraph’s network is doing relatively well as investors move to its network. Data by DeFi Llama shows that the total value locked (TVL) soared to over $121.7 million, its highest level since April this year. This is a strong recovery since the network had about $44 million in assets.
SaucerSwap, the biggest player in the network, had over $92.9 million in assets, a 132% increase from the same point last month. Stader, a top player in the liquid staking industry, has over $76.9 million in assets, while Bonzo Finance, HbarSuite, and HeliSwap have over $3 million in assets.
The volume of cryptocurrencies traded in Hedera’s DEX protocols has been in a strong uptrend in the past few weeks. Data shows that the total trade volume rose to over $1.8 billion as the number of trades has risen to over 6.1 million. Just last week, it had a record weekly volume of over $132 million.
New Weekly Volume Record 🔥 SaucerSwap has processed over $132M in trading volume this week alone—and the weekly candle hasn’t even closed yet. For perspective: we’ve executed more than 400,000 trades on the @Hedera network this week, averaging nearly one per second.
The other potential catalyst for the Hedera Hashgraph is the recent application of a spot HBAR ETF by Canary Capital. Analysts hope that the ETF will be approved in 2025 when Donald Trump becomes president.
Hedera Hashgraph price analysis
The daily chart shows that the HBAR token price has been in a strong uptrend in the past few months, as we predicted. It has formed a golden cross chart pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have crossed each other. A golden cross is one of the most bullish patterns in the market.
The Relative Strength Index (RSI) has moved to the overbought level and the MACD indicator has continued rising.
Most importantly, the HBAR price has formed a cup and handle pattern, a popular bullish sign in the market. Therefore, if we measure the depth of this pattern, which stands at 75%, we can estimate that it will surge to $0.28.
The bullish view will become invalid if the Hedera Hashgraph price falls below the important support at $0.14, its highest point on March 13.
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