Hedera (HBAR) Price Skyrockets 100% in a Week as Brian Brooks' SEC Chair Nomination and Strategic Partnerships Drive Market Enthusiasm

With Donald Trump's pledge to dismiss SEC Chair Gary Gensler—a figure widely loathed in crypto circles—anticipation is mounting for his successor.

Hedera (HBAR) has seen a recent price surge, partly fueled by growing support for board member Brian Brooks—who was nominated as a candidate for U.S. SEC Chair by former President Trump. Additionally, Hedera’s involvement in the WISeSat.Space satellite launch with SpaceX is boosting demand.

HBAR Key Statistics

The cryptocurrency has faced a small decline in the last 24 hours, but its price has surged by more than 100% over the past week and month, providing a hopeful sign for investors.

HBAR/USD Market

Key Levels

Hedera (HBAR) has experienced a strong uptrend recently, breaking above the upper Bollinger Band, which reflects bullish momentum. Against the U.S. dollar, it is trading around $0.14. HBAR is facing immediate resistance at $0.16, with further resistance levels anticipated at $0.18 and $0.20 if the momentum continues. The upward trajectory is supported by the MACD indicator, where the MACD line is above the signal line, suggesting sustained bullish sentiment. However, a retracement is possible if the price fails to break the $0.16 level, which could bring it back toward the support areas.

On the downside, HBAR has support at $0.12, aligned with the middle Bollinger Band, which may act as a cushion in the event of a price drop. Additional support is seen at $0.09 and $0.06, which are crucial levels to monitor if bearish pressure intensifies. The wider Bollinger Bands indicate increased price volatility, and traders should watch for potential consolidation before any further major moves. Overall, HBAR appears to be in a bullish phase, but caution is advised near key resistance and support zones.

Hedera’s Meteoric Rise: Brian Brooks’ Nomination and Strategic Partnerships Drive Price Surge

With Donald Trump’s pledge to dismiss SEC Chair Gary Gensler—a figure widely loathed in crypto circles—anticipation is mounting for his successor. Trump has proposed Brian Brooks, a Hedera Board Member, as a candidate, which has ignited enthusiasm among Hedera supporters.

Yet, Brooks’ nomination isn’t the sole catalyst behind Hedera's meteoric rise, with its price swelling by 138% over the week and an astonishing 155% for the month. Some investors are now heralding HBAR as the “Solana of 2024,” as it surges in popularity. Notably, Hedera's alliances with influential institutions like the Nairobi Securities Exchange and Kenya’s principal securities exchange are fueling its momentum.

Exploring the Possibility of HBAR-SpaceX Collaboration

In addition, Hedera’s innovative technology will support the WISeSat.Space satellite launch, slated for January 2025—a pioneering mission with SpaceX to enable the first-ever direct space-based exchange. This mission marks a milestone, advancing encrypted satellite communications and groundbreaking blockchain integration.

HBAR/BTC Performance Insight

The HBAR/BTC daily chart shows strong bullish momentum, with prices breaking above the upper Bollinger Band, signaling increased volatility and an upward breakout. After reaching a high of 0.00000198, the price has since pulled back to 0.00000154, suggesting possible profit-taking among traders. A bullish MACD crossover supports this upward trend, indicating sustained buying pressure. If the 0.00000135 support level holds, HBAR may attempt to retest the recent high; however, a failure to maintain this support could lead to a drop toward 0.00000120 or 0.00000088, where previous support levels may stabilize the price.

CryptoXman, a prominent figure in the cryptocurrency community, has recently taken to Twitter to express his bullish sentiment on Hedera Hashgraph (HBAR). The analyst anticipates that the upcoming approval of an HBAR ETF will trigger a significant influx of institutional investment, potentially sending the price of HBAR to new heights. In his estimation, the ETF approval could channel billions of dollars into Hedera, propelling the price of HBAR to a range of $1 to $1.50, with a potential maximum of $2.50 in this cycle.

$HBAR #ETF ETF approval is coming which will ultimately unlock huge institutional adoption and have inflows of BILLIONS in $$ on #Hedera, which will in turn send #HBAR to the moon 🌒

Well to $1 – 1.50c to a maximum in this cycle of a 25 X ($2.50c)

Don’t fall asleep at the… pic.twitter.com/PNqk4zs1LR

— CryptoXman (@virage007) November 18,