Reasons Why Hedera Coin (HBAR) Prices Are Rising: Here's the Analysis!

Bittime - Hedera Price (HBAR) has stolen the spotlight as one of the best performing coins, seeing a rise of more than 23% in the last 24 hours. This spike brought HBAR to levels not seen since December 2021. 

HBAR 36 Month Consolidation Meeting

By breaking through the 36-month consolidation, strong bullish signals emerged, and many believe that HBAR could reach a new milestone and enter the top 10 crypto assets list.

What's Driving HBAR's Price Increase?

Last week was one of the most interesting periods for Hedera, which contributed to a rapid price surge. Some striking headlines include:

• Several banks in the Philippines launched peso-backed stablecoin PHPX on the Hedera network.
• Grayscale is considering a potential HBAR ETF.
• A record $41.65 million in USDC flowed into the Hedera network.
• HBAR recorded more than $2 million in spot inflow.

With this development, HBAR has achieved the top spot in social and market activity, after Litecoin, indicating a significant bullish signal for this crypto.

Read too HBAR Price Prediction for January 2025, The Value Will Be This Much!

HBAR Technical Analysis

The HBAR historical chart shows that the price has managed to break out of the 3-year consolidation, lifting the RSI level above the upper threshold. The weekly RSI has now entered the overbought zone for the first time since the 2021 bull run, raising hopes of a similar bull run. 

Source: TradingView/@Sahana Vibhute

Additionally, the token appears poised for a further push, as the weekly 50/200 day moving average is approaching a bullish crossover known as the ‘Golden Cross’.

Read too How to Buy Hedera (HBAR)

Other Positive Factors Hedera Coin Price (HBAR) Rises

Bullish sentiment for HBAR now stands at 90.6%, driven by the possibility that a Donald Trump presidency could boost the market with friendlier SEC rules and clearer regulations. 

Additionally, rising inflation in the US has also contributed to the surge in prices. Therefore, Hedera (HBAR) price is expected to launch a major bullish attack and is believed to reach a new ATH above $0.6, provided it can clear the temporary resistance at $0.44 and $0.57.

FAQ about Hedera (HBAR)

What caused the HBAR price to rise more than 23% in the last 24 hours?

The rise in HBAR prices was caused by several factors, including the launch of the PHPX stablecoin by banks in the Philippines, Grayscale's consideration of an HBAR ETF, and a large flow of USDC into the Hedera network.

What does the 36-month consolidation that HBAR broke through mean?

The 36-month consolidation shows that HBAR has been stable within a certain price range for a long time. A breakout of this consolidation signals a strong bullish signal, which could push HBAR price higher.

What to expect for HBAR prices going forward?

With high bullish sentiment and positive factors such as the possibility of friendlier regulations under Donald Trump's presidency, HBAR is expected to reach a new ATH above $0.6 if it manages to clear the resistance at $0.44 and $0.57.

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Reference

Sahana Vibhute, Top Reasons Why Hedera (HBAR) Price is Rising: Has the Bull Run to $1 Begun?, Accessed January 18, 2025

Author: IN