On Christmas Eve, Hedera Hashgraph’s HBAR token rose to $0.3300, marking a more than 30% increase from its lowest point last week. This upward movement coincided with the recovery of other popular altcoins such as Helium, JasmyCoin, and VeChain.
There was no Hedera – specific news driving this jump. Instead, the rally likely stemmed from sentiment and technical factors. In November, Canary Capital filed for the first spot in a Hedera ETF, which improved trader sentiment towards HBAR. Senior ETF analyst Eric Balchunas at Bloomberg predicted that the SEC will easily approve the HBAR fund, as the agency has not classified HBAR as a security like it has with some other tokens.
Furthermore, on December 22, the futures open interest for HBAR plunged to $209.7 million from last month’s high of $460 million. Historically, many coins tend to rebound when open interest and trader sentiment decline.
As crypto.news predicted last week, the HBAR price rebound aligns with technical patterns. The coin formed a double – bottom pattern at $0.2350, with a neckline at $0.3310 (its highest swing on December 13). This pattern often indicates that bears are hesitant to place short sales below that price.
Hedera also formed a falling wedge chart pattern, with its upper side connecting the highest levels on December 7, 18, and 20, and the lower side linking key downswings this month. A falling wedge typically precedes more gains. Additionally, the HBAR price formed a bullish pennant pattern, consisting of a long flag pole followed by a triangle.
Throughout this movement, HBAR remained above the 50 – day moving average, suggesting that bulls maintained control during the retreat. It has now formed the three white soldiers candlestick pattern, characterized by three consecutive candlesticks.
Overall, the outlook for the HBAR price is bullish. The next key level to watch is the year – to – date high of $0.40, which is 20% higher than the current price.
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