Top reasons why Hedera’s HBAR price is soaring

Hedera Hashgraph price rose for three consecutive days, making it one of the best-performing tokens. 

Hedera (HBAR) token jumped to $0.27 on Saturday, up by 17% from its lowest level this week. It has increased by 110% from its lowest point in April, resulting in a market cap of over $11 billion.

The rally occurred after it was listed on Robinhood, one of the most popular trading and investing platforms in the US, with a market capitalization exceeding $92 billion and millions of customers.

RobinHood has become one of the most popular crypto platforms in the U.S. Its most recent results showed that its crypto volume jumped to $46.1 billion in the first quarter, up from $36 billion in the same quarter last year. 

HBAR price also jumped as its stablecoin supply continued soaring. DeFi Llama data indicate that its stablecoin supply has increased by 9% over the last seven days to $210 million. It has soared from its low of $40 million this month.

Hedera’s network has also continued growing this month, with Stader’s total value locked soaring by 55% in the last 30 days to $120 million. SaucerSwap’s TVL has soared by 68% to $75 million, while Bonzo Finance rose to $52 million. 

HBAR price technical analysis

The daily chart shows that the HBAR price formed a double-bottom pattern at $0.1242, its lowest point on April 7 and June 22. Its neckline was at $0.2275, its highest level in May this year. 

Hedera has already made a break-and-retest pattern by moving back to the support at $0.2275. A break-and-retest is a highly common bullish continuation sign. 

Hedera has also moved above the 38.2% Fibonacci Retracement level, and formed a golden cross. This golden cross happens when the 50-day and 200-day moving averages cross each other. 

Therefore, the HBAR token is likely to continue rising as bulls target the key resistance at $0.2985, its highest point this month, which is approximately 12% above the current level. A jump above that level will point to more gains to last year’s high, which is about 50% above the current level.