HBAR Price Prediction: Hedera Hashgraph (HBAR) Coin Will Skyrocket by 1,300% This Year, Analyst Says

Hedera Hashgraph price held relatively steady this week, outperforming most altcoins as the chatter about ETF rose. The HBAR token was trading at $0.30, where it has been stuck in the past few days.

Hedera Hashgraph (CRYPTO: HBAR) price remained relatively stable this week, outperforming most altcoins as chatter about its ETF continues to grow.

What Happened: The HBAR token was trading at $0.30 on Friday, a level it has been stuck at over the last few days. It has risen by more than 640% from its lowest point this year.

Hedera Hashgraph ETF hopes: The HBAR token has outperformed most coins after Eric Balchunas, the head of ETF strategy at Bloomberg, hinted that it could be approved quickly. He argued that the ETF will be approved because the Securities and Exchange Commission (SEC) has not labeled it as a security the way it did with Solana (CRYPTO: SOL).

A HBAR ETF would be a big deal as it will make the coin more accessible to retail and institutional investors. It will also boost the coin’s liquidity and make it easier for investors to get the cryptocurrency.

Most importantly, it will create a buzz ahead of the potential approval. A good example of this is how the XRP price surged ahead of the recent launch of Ripple USD (RLUSD).

Hedera Hashgraph price also remained stable after EQTY Lab, Intel (NASDAQ:INTC), and NVIDIA (NASDAQ:NVDA) launched Verifiable Compute.

This new solution addresses a critical need in the artificial intelligence industry for trust and verification. It will set the standard for AI by introducing a hardware-based SLSA Security Level 3 system for generating cryptographic certificates.

The system will use the Hedera Consensus Service to create an immutable ledger of AI computations. This is a big deal considering that NVIDIA has become the third-largest company in the world due to the booming demand for AI.

Jonathan Dotan, the founder of EQTY Lab, said, “Hedera’s enterprise-grade infrastructure, backed by a Council of global leaders like Dell Technologies, sets it apart from other blockchains by providing the scalability and security essential for bringing Verifiable Compute to market.”

In other news, Hedera’s ecosystem also saw its total value locked (TVL) in its DeFi protocols rise to more than $185 million.

Now Read: Hedera Hashgraph Price Deja Vu? Pro See HBAR Soaring to $5

HBAR Price Forecast: The daily chart shows that the Hedera Hashgraph price has been in a consolidation phase over the last few days. It has continued to outpace other major coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The HBAR token has remained above the 50-day moving average and the crucial resistance point at $0.1825, its highest swing in April. Most importantly, Hedera Hashgraph price has formed a bullish pennant pattern, a well-known bullish technical indicator.

As a result, the coin is likely to experience a strong bullish breakout in the next few days. If this occurs, the next level to keep an eye on is $0.3933, the highest point this year, which is roughly 35% higher than the present level. On the downside, a drop below the support at $0.26 will negate the bullish outlook.