On Friday, the Hedera network’s native token, HBAR, experienced a significant price increase, capturing the attention of the cryptocurrency market. CoinDesk reported a 12% surge in HBAR’s price, reaching a high of $0.2657, making it the top-performer among the major cryptocurrencies of the day. This surge followed the announcement from Robinhood, a major trading platform, that it had added support for HBAR, effectively enhancing the token’s accessibility for investors across the United States.
What Fueled the Rise in Trading Volume?
Following the integration announcement by Robinhood, HBAR experienced a remarkable increase in trading volume. By noon on July 25, the token’s price had shot past $0.26, with 713 million tokens exchanging hands within an hour. This marked the $0.26 level as a potential resistance point, although HBAR displayed continued bullish momentum as the weekend approached.
What’s Driving the Technical Indicators?
Cryptocurrency expert ChartNerd highlighted the significance of HBAR surpassing a certain technical barrier. He commented that should HBAR close above $0.35, it may pave the way for new highs. He pointed out that this level coincides with the Supertrend indicator, which is instrumental in spotting transitions from bearish to bullish trends. By analyzing Fibonacci extension levels from previous bullish periods, ChartNerd posited potential highs for HBAR between $1.26 and $3.30.
Analyzing HBAR’s price movement, it was recorded that a 12% increase occurred, ascending from $0.24 to $0.27 within a day. The primary surge was observed at midday Friday, along with significant trading volume. A brief dip followed as the price slightly surpassed $0.26, noting short-term resistance at this level. A robust support level at $0.24 remained, indicating rising buying interest.
Investment Community’s Outlook?
Exceeding the $0.27 mark could signify further gains throughout the weekend for HBAR, subject to ongoing market sentiment, volume shifts, and investor enthusiasm. New resistance and support levels have emerged from current technical data.
Robinhood’s support for HBAR has sparked interest among individual investors, extending the token’s reach within the investment landscape. Fluctuations in price and high trading volumes reflect the immediate result of this heightened interest.
With Hedera’s efficient technology and potential applications in decentralized sectors, the project holds promise for future growth. Stakeholders remain watchful of these developments, gauging both network progress and token volatility.
- Key price move: HBAR soared by 12%, hitting $0.2657.
- Immediate reaction: Over 713 million tokens traded within an hour.
- Technical forecast: Exceeding $0.35 could unlock further gains.
HBAR’s growth in the coming days relies heavily on investor interest and market dynamics. Despite promising technological advancements, investors are urged to approach with caution, acknowledging inherent market risks and exploiting innovative opportunities.
