Hedera Hashgraph price continued its strong rally, soaring to a high of $0.1170, its highest level since May 21st. It has risen in the last five consecutive days and is about to form a golden cross pattern, pointing to further gains in the coming weeks. It is up by over 155% from its lowest level this year.
Hedera Hashgraph ETF hopes rise
Hedera Hashgraph is a layer-2 network that aims to become the biggest player in the blockchain industry.
It is an Ethereum rival with superior features like fast transaction speeds and low transaction costs. It has over 6.99 million mainnet accounts and has handled over 558k transactions in the last 24 hours.
The network has also become popular among corporates, with companies like Tata, Boeing, Mondelez, and Ubisoft being part of its governance council.
Hedera Hashgraph’s price is soaring for several reasons. First, the token surged because of the Hello Future hackathon between November 11 and December 18. This is an important event that will let developers pitch their ideas, with winners receiving cash and mentorship to build on Hedera.
Second, the token soared after a company applied for an Hedera Hashgraph Exchange-Traded Fund (ETF) with the Securities and Exchange Commission (SEC). Analysts expect that the SEC will approve several ETFs in 2025 after Donald Trump’s election.
Trump has pledged to be a more friendly candidate for cryptocurrencies because he has a skin in the game in the industry. He has tokens worth over $6 million and is now running a token sale for his World Liberty Finance project.
A US ETF will be on top of the Hedera Hashgraph ETP, which is listed in Germany by Valour Finance.
Still, it is unclear whether a Hedera Hashgraph ETF will be successful in the long term since investors have mostly leaned on Bitcoin ETFs. Data shows that Bitcoin ETFs have had over $27.46 billion in inflows since January.
Read more: Exclusive interview with Charles Adkins, the new Hedera president
Ethereum ETFs, on the other hand, have had inflows of just $179 million, three months after their inception.
The other concern is that Hedera’s network has not been successful in the crypto industry. It has a total value locked (TVL) of over $94.6 million, a figure that has jumped sharply in the past few weeks.
This TVL is significantly smaller than other players in the crypto industry, including newer brands like Sui and Base. The top players in the Hedera Hashgraph ecosystem are SaucerSwap, Stader, Bonzo Finance, and HeliSwap.
At the same time, Hedera’s DEX networks handle substantially low volumes compared to their peers. These networks handled volume of $65 million in the last seven days, a 412% increase from the previous week. This volume was substantially lower than other networks.
Hedera Hashgraph has also not attracted meme coin creators, which is an important thing in the crypto industry today. For example, Solana’s meme coins have now attracted a market cap of over $23.9 billion. They are also some of the most active assets in the crypto industry.
HBAR price analysis
Hedera chart by TradingView
The daily chart shows that the Hedera Hashgraph price has done well in the past few weeks. This rebound happened after the coin formed a falling wedge pattern, which happens when two descending trendlines converge. This is one of the most bullish signs in the market.
Hedera Hashgraph token has now moved above the 50-day and 200-day moving averages, which are about to form a golden cross pattern. In most periods, this is one of the most bullish patterns in the market.
The Relative Strength Index (RSI) has moved to the overbought point at 96. Also, the MACD indicator has jumped above the zero line, while the MVRV has risen to 3.
Therefore, the Hedera Hashgraph token price is bullish, with the next point to watch wll be at $0.18, its highest level this year, which is about 60% above the current level.
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