Hedera Hashgraph (HBAR) Price Prediction: HBAR Eyes 182% Surge to YTD High of $0.1813

Hedera Hashgraph was one of the best-performing cryptocurrencies on Friday, November 15, as a popular crypto analyst made his bullish case.

Cryptocurrency prices varied on Friday, November 15, with some coins posting double-digit gains in the past 24 hours. The total crypto market cap increased by 1.2% to $2.4 trillion.

Hedera Hashgraph (HBAR) price rose to $0.0767, its highest level since July 17, and 66% above its lowest level this month.

HBAR’s price surged to the highest level in four months on Friday as its rally continued. The coin rose by over 16% in 24 hours and was trading at 40% higher than last Friday.

A popular crypto analyst predicted that HBAR’s recent surge was just getting started. The trader, known as Maverick, has over 145,000 followers on the platform.

Maverick highlighted the coin’s price action in an X post, noting its recent surge to $0.0767. He believes that HBAR’s next target is the year-to-date high of $0.1813, which would be about 182% higher than the current level.

The trader also pointed out Hedera Hashgraph’s trading volume, which surged to $563 million in 24 hours, up from $200 million at the beginning of the week. He added that the ETF application by Canary Capital, which is a pivotal catalyst for the coin, was also filed recently.

The ETF application by Canary Capital was filed on November 14 and included Hedera Hashgraph, Filecoin, and Stacks. The ETF, if approved, would begin trading on the NYSE Arca exchange.

Moreover, Hedera Hashgraph futures open interest also jumped to $66.7 million from $26.6 million in September, indicating strong demand for the coin.

Despite its recent gains, Hedera Hashgraph still faces several challenges. While it counts large companies like Ubisoft, Dell, Boeing, Google, and Deutsche Bank as members of its governance council, its ecosystem is relatively small.

For instance, it has a DeFi total value locked of only $44 million, making it much smaller than newer blockchains like Sui and Base Blockchain. DEX networks in its ecosystem handled tokens worth $35.4 million in the last seven days, making it the 32nd biggest chain in the industry.

However, HBAR price could hit $0.1 soon. The daily chart shows that the Hedera Hashgraph price has bounced back in the past few days. This recovery occurred after it formed a double-bottom pattern around the support at $0.045. In most periods, this is one of the most bullish patterns in the market.

Hedera has also soared above the key resistance level at $0.063, the neckline of this pattern. It has also jumped above the 50-day and 200-day moving averages.

Therefore, the path of the least resistance for the coin is bullish, with the next psychological level to watch being at $0.10, which is about 45% above the current level. The stop-loss of this trade will be at $0.055.