In recent days, the Hedera Hashgraph token (HBAR) has shown significant growth driven by several key factors. This has attracted attention from investors and market participants.
Hedera Hashgraph Price Growth
The price of Hedera (HBAR) rose to $0.27 on Saturday, marking a 17% increase from its lowest level this week. Annually, the price has surged 110% from its April lows, bringing its market cap to over $11 billion.
HBAR Technical Analysis
The daily chart indicates that HBAR formed a double-bottom pattern at $0.1242, its lowest level since April 7 and June 22. There is a bullish continuation sign reflected in the break-and-retest pattern at the support level of $0.2275. HBAR has also crossed above the 38.2% Fibonacci Retracement level and created a golden cross as the 50-day and 200-day moving averages intersect.
Factors Contributing to Growth
The rally in HBAR followed its listing on the Robinhood platform, one of the popular trading venues in the U.S., with a market cap exceeding $92 billion. The increase in stablecoin supplies has also fueled growth, with DeFi Llama reporting a 9% rise over the last week to $210 million. Additionally, Hedera's network has significantly expanded this month, with a marked increase in the total value locked in applications.
Overall, Hedera Hashgraph shows promising signs of growth and potential investment opportunities for investors, considering both technical and fundamental factors.
