Hedera (HBAR) surged 50% to a new 20-month high, driving bullish price targets
Hedera (HBAR) is a Decentralization public network known for its near real-time Consensus and developer-friendly environment, and has become one of the best-performing AltCoins in the Crypto Assets market.
With the recovery of bullish sentiment across the market, HBAR has shown impressive growth, positioning itself as one of the leaders in the top 100 Crypto Assets by Market Cap.
Over the past fourteen days, HBAR has recorded a significant rally, soaring nearly 50%. This rise extends to the 30-day and year-to-date time frames, with gains of 36.8% and 15%, respectively. In the last 7 hours and 24 hours alone, the price of HBAR has continued its bullish trajectory, soaring by 33.5% and 17%, respectively. These price moves pushed HBAR above the previous 19-month high of $0.1015 to a fresh 20-month high of $0.1060.
According to the data, there has been a surge in trading volume over the past 24 hours and is currently at $218,438,657, reflecting increased market activity around HBAR, which is up 204.90% from a day ago.
Despite HBAR's impressive performance, there are still significant challenges to reach the all-time high (ATH) of $0.5759 set in September 2021. Currently facing a nearly two-year downtrend structure, HBAR would need to reach a staggering 443% rise trend to resume the previous milestone.
In the short term, HBAR faces a key hurdle at the $0.110 level, which must be held to prevent further gains. A break above this level will open the door to a test of the $0.1148 and $0.1285 resistance walls.
If the bullish momentum persists, attention will turn to resistance at $0.1506, then $0.1690 and $0.1822. These levels represent the last hurdle before the $0.2000 mark could be reached, a threshold that has not been breached since April 2022.
On the downside, the $0.0855 level is expected to act as support, preventing HBAR from establishing lower lows in the current market rising trend structure.
With Crypto Assets gaining momentum among major companies around the world, the Hedera Council, which oversees the Hedera public network, recently announced a series of important partnerships. Overall, both the Hedera Protocol and its native Token HBAR have experienced significant growth in terms of Market Cap, trading volume, and partnerships, reflecting growing investor interest in the protocol's offerings. This positive environment lays the foundation for the future growth and development of the protocol.
However, it remains to be seen whether HBAR can sustain investors' attention and continue to deliver price increases, given the potential for a correction in the market after the sharp gains recorded over the past 30 days. Nonetheless, HBAR seems to have the ability to be one of the best-performing AltCoins in the current Bull Market.
(Source: Ronaldo Marquez)