Analyst Predicts Hedera’s HBAR Price Could Surge 215% to $1

Hedera Hashgraph (HBAR) has seen significant price action recently, with a strong surge of over 823% between November 5 and December 3. However, this rally seems to have stalled in recent weeks. As of now, Hedera is trading at $0.32, which is still a remarkable 650% increase from its lowest level last month. The recent surge has pushed Hedera’s market capitalization above $12 billion. Despite the recent price stagnation, several analysts, including All In Crypto, believe that HBAR has the potential to increase further, predicting a potential 215% jump to $1 in this bullish cycle. This forecast is largely based on Hedera’s technical chart, particularly the formation of a double-bottom pattern, which is typically seen as a bullish sign.

One major factor contributing to the potential rise in HBAR’s price is growing institutional interest. Valour Funds, a large investment firm with over $1 billion in assets, has filed for an Euronext-listed Hedera physical staking exchange-traded product (ETP). This move is expected to increase adoption of HBAR among institutional investors. Furthermore, Canary Capital recently filed for a spot HBAR ETF with the U.S. Securities and Exchange Commission (SEC). The approval of such an ETF could significantly increase HBAR’s exposure to institutional investors, especially since the SEC is expected to undergo significant changes when Gary Gensler steps down, potentially accelerating ETF approvals.

In addition to institutional interest, Hedera Hashgraph is also gaining momentum within the decentralized finance (DeFi) sector. The total value locked (TVL) in the Hedera DeFi ecosystem has surged to nearly $200 million, far surpassing January’s low of $53 million. Key players in this ecosystem include Stader, SaucerSwap, and Bonzo Finance, all contributing to the platform’s growing traction.

The futures market for HBAR is also showing strong signs of demand. Data indicates that futures open interest for HBAR has risen to over $326 million, reflecting an increasing number of traders taking positions in the asset. Open interest is a key metric used to assess market activity, as it tracks the total number of outstanding contracts in the futures market.

From a technical perspective, HBAR’s price is currently in a strong bullish trend, supported by several key indicators. The price has recently broken through significant resistance levels, including the $0.1810 level, which was the highest point in April 2022. Additionally, the price has moved above both the 50-week and 25-week moving averages and surpassed the 50% Fibonacci Retracement level, which are all bullish signals.

Looking forward, the next key resistance level to watch for HBAR is the year-to-date high of $0.39. If HBAR can break above this level, it could potentially target its all-time high of $0.5690. A breakout beyond that point would signal even more significant gains, with some analysts forecasting a potential rise to $1.00.

In conclusion, while Hedera’s recent rally has slowed, the asset still shows substantial potential for further price appreciation. With strong institutional interest, growth in its DeFi ecosystem, and bullish technical indicators, HBAR could be set for a significant breakout. If the price continues to build momentum, it could potentially reach $1, marking a 215% increase from its current level.