Hedera Hashgraph price could soar as HBAR forms a bullish pattern

Hedera Hashgraph price has stabilized, and a unique chart pattern on the daily chart suggests a potential rebound.

Hedera Hashgraph (HBAR) has risen for two consecutive days, reaching a high of $0.3140, its highest level since January 7. The token remains about 600% above its lowest level in 2024, with a market cap of over $11.3 billion.

HBAR’s recent performance is driven by investor anticipation of a spot exchange-traded fund approval by the Securities and Exchange Commission. Canary, an emerging fund manager, has filed for an HBAR-focused ETF, and some analysts believe it has a strong chance of being approved. 

In a report on Tuesday, JPMorgan predicted that the SEC, now led by Paul Atkins, is likely to approve crypto funds. The report cited Ripple (XRP) and Solana (SOL) as examples of assets that could attract billions of dollars in inflows. The approval of these funds could pave the way for a spot Hedera ETF.

Meanwhile, the total value locked in Hedera Hashgraph’s ecosystem has continued to rise in US dollar terms. The network currently holds nearly $180 million in assets, led by protocols such as Stader, SaucerSwap, Bonzo Finance, and Heliswap. Its stablecoin market cap has increased to $11 million.

Hedera is often seen as a faster and more cost-effective alternative to Ethereum (ETH). The network’s governance council includes major companies such as Tata, Abrdn, Worldpay, IBM, and Dell.

Hedera Hashgraph price could surge soon

The daily chart shows that HBAR has remained in a tight range after peaking at $0.3922 in November. The token has formed a symmetrical triangle pattern, a key part of the bullish pennant pattern, which is a popular continuation signal.

HBAR is trading above its 50-day Exponential Moving Average and has reached the ultimate resistance level of the Murrey Math Lines. It is also positioned between the 61.8% and 78.6% Fibonacci retracement levels, indicating a consolidation phase.

The chart suggests that HBAR is likely to experience a strong bullish breakout. The next key level to watch is $0.3920, the token’s high on December 3. A move above that level could trigger further gains, with the psychological target set at $0.50, representing a 68% increase from the current price.