Hedera Price Soared 16% to Trade at $0.25229

The Hedera price soared 16% in the last 24 hours to trade at $0.25229 as of 9:04 p.m. EST on trading volume that skyrocketed 103% to $1 billion.

The price of Hedera (HBAR) surged by 16% in the last 24 hours to trade at $0.25229 as of 9:04 p.m. EST on trading volume that skyrocketed 103% to $1 billion.

The surge comes on the heels of the announcement that Swift, the world’s leading financial messaging network, has plans to integrate Hedera’s blockchain technology across North America, Europe. And Asia.

Swift is set to begin live blockchain trials using Hedera’s technology this year, with full-scale implementation expected later in the year.

“We are pleased to announce that SWIFT will be integrating Hedera’s blockchain technology across three continents as part of a broader collaboration to advance the interconnectedness of the global financial system,” said Dylan Brady, Chief Executive at Hedera.

“This partnership will see the launch of a pilot program for SWIFT’s network in North America, Europe, and Asia later in 2024, paving the way for the integration of Hedera’s technology on a larger scale.”

Hedera Price Breakout Signals An Incoming Rally

According to the 6-hour chart, the HBAR price has been in a downtrend for several weeks, characterized by a descending channel pattern. However, the price of HBAR has now decisively broken above this bearish formation, signaling a potential trend reversal.

This breakout has been accompanied by strong bullish momentum, as indicated by the large green candlesticks that are forming outside of the channel. Additionally, the price of HBAR has moved above the 50-day Simple Moving Average (SMA), a bullish signal indicating short-term strength.

HBAR is currently facing resistance at the 200-day SMA (purple line), which often acts as a key level for trend confirmation. A clear break above this level could further solidify the bullish outlook.

The chart also highlights a prior consolidation phase, where the price moved sideways before resuming its downward trajectory. This pattern suggests that the price of the Hedera token is now transitioning from a bearish phase into a more neutral-to-bullish market structure.

Meanwhile, the Relative Strength Index (RSI) is currently at 73.21, indicating that HBAR has entered overbought territory. This suggests that the price may experience a temporary pullback or consolidation before continuing higher. However, in strong uptrends, the RSI can remain overbought for extended periods.

The Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), confirming bullish momentum. Additionally, the histogram is in positive territory, suggesting increasing buying pressure. This crossover typically signals the continuation of an uptrend.

HBAR/USDT Chart Analysis (Tradingview)

Hedera Price Prediction

With the breakout confirmed, the next major resistance level is around $0.2665 (200-day SMA). If the Hedera price successfully closes above this level with strong volume, the price could target the next resistance at $0.35, which represents a 32.10% potential upside from the current level.

Conversely, if the price of HBAR faces rejection at the 200-day SMA, it may retest the $0.21 support level (50-day SMA) before attempting another breakout.

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