HBAR Price Doubles In A Week: Is A 52-Week High Breakout Next?

• The HBAR crypto saw a massive price surge and doubled in a week.
• Market indicators have suggested potential breakout and outperformance ahead.

Hedera (HBAR) price skyrocketed more than 100% in the last seven days. Hints that Brian Brooks would take over as SEC chair instead of Gary Gensler indicated favorable regulation.

This rumor has excited traders who are willing to cash in on any changes within the regulatory framework. It could happen, especially in light of Brooks’s experience and relations with several players in the crypto industry.

When writing, the HBAR price traded at $0.1241, noting an intraday rise of over 2.12%. Moreover, the trading volume increased by over 18%. Its market cap surged to $4.68 Billion, ranking 26th among the top crypto coins.

The recent HBAR crypto upsurge has trapped the bear cartel. Also, the bull army was eyeing to break and sustain beyond the 52-week high cluster of $0.1400.

HBAR Price Rises on Buzz Over Potential Regulatory Shifts

The price of Hedera’s token has recently risen. The surge happened over the speculation of Brian Brooks as a possible successor to Gary Gensler. This HBAR price has not only gained a 2.9% daily growth but also 100% weekly growth.

Brian Brooks has been appointed as a board member of the HBAR Foundation. Previously, he has served as the CEO of Binance. This implies that if Brooks were appointed chairman of the SEC, he might help change perceptions about cryptocurrencies.

Analyst Sees Target of $0.58: Here’s the Analysis

A recent tweet by @cryptoiinsider highlighted that the HBAR crypto has demonstrated a strong performance. With a massive trading volume surge, the Hedera price could see an upsurge to $0.58 in the following sessions.

$HBAR is demonstrating strong performance, with solid support established at $0.97 Increasing trading volume suggests the potential for achieving the $0.58 target.#HBAR @HBAR_foundation pic.twitter.com/B7KvNQXSfL

— Bella Insights (@cryptoiinsider) November 20, 2024

The HBAR crypto has surpassed the 61.8% level per the Fib levels. Furthermore, the crypto could stretch the higher high swing to the 52-week high zone next.

HBAR Price Prediction: Analyzing the Key Levels

During the weekly timeframe, the Hedera crypto registered a channel breakout. Moving ahead, the token has enlisted a massive bullish elephant candlestick. That replicated the buyer’s strength.

The HBAR price has rested above the significant EMA lines. It has formed a golden crossover between the 50- and 100-day EMA lines.

The price action represents the buyer’s accumulation. Also, a follow-on buying activity was noted on the chart. HBAR crypto’s Relative Strength Index (RSI) line stayed at 71 at press time. That represented the bullish cues.

Moreover, the Chaikin Money Flow (CMF) reading was noted at around 0.15. This conveyed a surge in liquidity in the market. The OI-weighted funding rate remained positive, around 0.0150%. It revealed bullish cues. Typically, a positive funding rate means high demand for long contracts.

Amidst the price surge of over 2% intraday, the Open Interest (OI) has declined by over 10.20%. It means that short positions have been covered in the past 24 hours.

The immediate support zones for HBAR crypto were $0.1200 and $0.1170. At the same time, the upside hurdles were $0.1320 and $0.1400.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.