HBAR Crypto Price Targets 45% Surge as a Key Metric Nears All-Time High

Key Insights:

• HBAR price has formed the highly bullish double-bottom pattern.
• Hedera also formed a golden cross pattern on the daily chart.
• Its stablecoin supply has jumped close to all-time high.

HBAR price rally stalled on Tuesday, mirroring the performance of other altcoins. Hedera was trading at $0.2645 on July 22, a few points below this month’s high of $0.2986. Still, this pullback may be the calm before the storm amid strong ecosystem growth.

HBAR Crypto Price Technical Analysis Signals More Gains Ahead

Hedera Hashgraph token price could be on the verge of a strong bull run this month after forming a series of highly bullish chart patterns. It has formed the highly bullish double-bottom pattern at $0.1241, its lowest swing in April and June this year.

HBAR price has now jumped above the double-bottom’s neckline at $0.2281, its highest level in May, validating this pattern. It broke out above that level and then retested it on July 5. A break-and-retest is one of technical analysis’s most common bullish continuation patterns.

HBAR crypto price is consolidating at the 38.2% Fibonacci Retracement level at $0.2655. It has also formed the highly bullish golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other on July 18.

The last time the Hedera price formed this pattern was in November when it was trading at $0.12. It then soared by over 230% to its highest point in January this year.

A golden cross often leads to more gains as the short-term momentum beats the longer-term one. It has also formed the highly positive bullish pennant pattern, comprising a vertical line and a symmetrical triangle pattern.

A bullish Hedera price breakout will push it to the next key resistance level at $0.4013, up by 45% from the current level. A drop below the key support at $0.2281 will invalidate the bullish outlook. This invaliation point is the highest point in May.

Hbar crypto Hasgraph Stablecoin Growth is Soaring

HBAR price has some solid fundamentals that will help to support its recovery. The most notable ones is that it is becoming a power player in the stablecoin industry, which analysts expect will boom after Trump signed the GENIUS Bill into law.

DeFi Llama data shows that the supply of USD Coin (USDC) stablecoin supply is in a strong rally and nearing its all-time high. Its stablecoin supply has surged by 30% in the last 7 days to over $210 million, a few points below the all-time high of $212 million.

Users prefer Hedera for their stablecoin transactions because of its substantially lower costs than other chains. Its average cost per transaction is about $0.0001, while its seconds to finality is just 2.9 seconds.

The surging Hedera’s stablecoin supply as also led to more transactions in the network. Its transactions jumped to over 1.12 million in the last 24 hours.

Other parts of Hedera’s ecosystem are doing well. For example, the network’s 24-hour DEX transaction volume jumped to $15 million, with SaucerSwap leading. This protocol has now completed over $4 billion transactions since its inception.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.