The Hedera network's token HBAR experienced a significant price surge, reaching $0.2657, drawing attention from the cryptocurrency market.
Reasons for Trading Volume Rise
Following Robinhood's announcement of support for HBAR, the token witnessed a remarkable increase in trading volume. By noon on July 25, HBAR’s price had shot past $0.26, with 713 million tokens exchanging hands within an hour. This level marked a potential resistance point, although HBAR displayed continued bullish momentum as the weekend approached.
Technical Indicators for HBAR
Cryptocurrency expert ChartNerd highlighted the significance of HBAR surpassing a certain technical barrier. He commented that should HBAR close above $0.35, it may pave the way for new highs. He pointed out potential highs for HBAR between $1.26 and $3.30 based on Fibonacci extension levels from previous bullish periods. A 12% increase was recorded, ascending from $0.24 to $0.27 within a day, with significant trading volume.
Investor Outlook
Exceeding the $0.27 mark could signify further gains throughout the weekend for HBAR, subject to ongoing market sentiment and investor enthusiasm. New resistance and support levels have emerged from current technical data. Robinhood’s support for HBAR has sparked interest among individual investors, extending the token’s reach within the investment landscape.
HBAR’s growth in the coming days relies heavily on investor interest and market dynamics. Despite promising technological advancements, investors are urged to approach with caution, acknowledging inherent market risks and exploring innovative opportunities.
