Hedera's native token HBAR has experienced a remarkable price surge, climbing 38% over the past week to reach $0.3988.
Hedera (HBAR) token price surges 38% in a week, reaching $0.3988. The latest rally brings HBAR closer to its previous all-time high of $0.4323.Coinbase Prime adds HBAR custody services to its platform, catering to institutional investors.Trading volume for HBAR doubles to $2.72 billion, indicating increased market participation.The token's market capitalization now stands at $14.53 billion, ranking 14th among cryptocurrencies by market value, showing a 30.19% gain year-to-date.Donald Trump's statements on cryptocurrency strategic reserves generate discussions, potentially impacting HBAR's price movement.Technical analysis reveals a breakout at the 0.61 Fibonacci level, signaling potential for further gains.HBAR price faces resistance at the $0.39 level, having crossed key technical indicators and established new support zones.Trading patterns indicate buying pressure, with technical indicators suggesting continued bullish momentum.Coinbase Prime's announcement aligns with broader market trends as institutional adoption fuels HHDL cryptocurrency market prices respond favorably to discussions about government adoption of digital assets.Trading volumes for HBAR have been robust across major exchanges, showing broad-based participation in the market.HBAR's technical structure displays a pattern of higher lows and higher highs, supported by increasing volume.The token price remains positioned above key moving averages, indicating market strength.Hedera (HBAR) token price continues to rally, adding another 12% to its value in the past 24 hours of trading. HBAR price now trades at $0.3796, showing a remarkable recovery from its recent lows around $0.33. The latest price action sees HBAR price now testing crucial resistance levels as it makes a beeline for its previous all-time high.
After breaking through the $0.38 level on February 21, HBAR price faced some selling pressure at higher levels. However, the token managed to gather enough buying momentum to propel itself back into a bullish trend. Now, HBAR price attempts to breach the $0.39 resistance level once again. A successful breakout at this level could see HBAR price rally toward the next Fib level at $0.41 and then finally toward its all-time high at $0.4323.
On-chain metrics and technical analysis both suggest that HBAR price is likely to continue rising in the coming days or weeks. The token has been forming higher lows and higher highs throughout 2024, indicating a sustained bullish trend. Moreover, HBAR price has been trading above key moving averages, such as the 50-day and 200-day moving averages, which have acted as support levels during the recent rally.
The recent bullish price action for HBAR follows a period of consolidation where the token traded below $0.33 for an extended period. Finally, breaking through this resistance level has established new support zones, which could lay the foundation for further price appreciation.
As HBAR price rallies, the token has seen healthy trading volumes on major exchanges, indicating broad-based participation in the market. The distribution of trades also suggests that the price discovery process is organic rather than being concentrated among a few large holders.
Moreover, we can observe that HBAR price is forming a pattern of higher lows and higher highs, which is typically associated with sustained upward trends. This price action is being supported by increasing volume, which lends further credibility to the current movement.
To conclude, HBAR price is positioned well on the daily trading patterns, showing multiple technical indicators suggesting continued buying pressure and bullish momentum. We can also observe that HBAR price is trading above the $0.36 level, corresponding to the 0.78 Fibonacci retracement level, which could act as a crucial pivot point for further gains.
