Hedera (HBAR) has emerged as a standout performer in the current market cycle, demonstrating resilience and strength even amid uncertainty and volatility. After reaching a multi-year high last Friday, HBAR experienced a sharp correction, dropping over 22%. Despite this pullback, the price action suggests that Hedera is gearing up for its next major move, keeping investors optimistic about its bullish potential. Related Reading: Chainlink Is In The Middle Of A Bullish Breakout – Analyst Sets $50 Target Renowned analyst Carl Runefelt has shared a detailed technical analysis on X, shedding light on HBAR’s current position. According to Runefelt, Hedera has successfully tested a key demand level following its recent drop, indicating that the cryptocurrency is preparing for a significant upward move. This successful retest of support is seen as a bullish signal, especially in a market marked by heightened volatility. As Hedera continues to consolidate its position among market leaders, its ability to hold critical levels and rebound with strength is a testament to its growing adoption and investor confidence. With market conditions still uncertain, HBAR’s performance in the coming days will be pivotal in determining whether it can sustain its bullish momentum and lead the way in the altcoin market. All eyes are on Hedera as it prepares for what could be another explosive rally. Hedera Prepares For A Breakout Hedera has been navigating the volatile crypto market with remarkable resilience, positioning itself as a strong contender to lead this bullish cycle. As the broader market enters a bullish phase, HBAR’s price action reflects its potential, having been in a sideways consolidation since early December. This prolonged phase of accumulation suggests that Hedera may be primed for a breakout. Market analysts have been increasingly optimistic about HBAR’s performance, with many pointing to its strong fundamentals and growing adoption as reasons for its bullish outlook. Notably, Carl Runefelt recently shared a technical analysis on X, highlighting key developments in HBAR’s price action. According to Runefelt, HBAR has successfully retested a critical demand zone that previously acted as resistance. This successful retest is a bullish signal, indicating that the price is building a solid foundation for its next upward move. Runefelt further emphasized that if HBAR continues to hold this key level, the next logical step would be to set new yearly highs. He has set an ambitious price target of $4.20, which he believes is achievable once HBAR breaks above Friday’s price peak. Related Reading: Solana Compresses Near Previous ATH – Gearing Up For The Next Leg Higher? With the market sentiment turning positive and Hedera’s strong technical setup, the coming weeks could be pivotal for HBAR. A breakout above its current consolidation range could catapult it into new territory, reaffirming its position as a market leader in this cycle. Investors are closely watching for signs of this anticipated rally as Hedera continues to demonstrate its potential to outperform in the evolving crypto landscape. HBAR Price Action: Key Levels To Hold Hedera is currently trading at $0.33, following a sharp decline since last Friday’s highs. Despite the pullback, the price remains within a critical range, and bulls must act decisively to reclaim momentum and re-establish a bullish outlook. Holding above the $0.315 support level is essential to prevent further downside and maintain a stable foundation for recovery. The immediate target for bulls is to push the price above the $0.35 resistance level, which has acted as a barrier in recent sessions. A successful reclaim of this level would signal renewed strength and spark optimism among investors. Breaking through $0.35 could set the stage for a broader rally, with the next key milestone at the $0.40 mark. A move above $0.40 would reinforce confidence in HBAR’s bullish potential, likely attracting fresh buying interest and solidifying its position in the ongoing market recovery. However, failure to hold above $0.315 could result in further consolidation or even a deeper correction, challenging the positive sentiment around HBAR. Related Reading: Ethereum Is Ready For The Next Big Move – Analyst Shares Bullish Target As the market awaits HBAR’s next move, investors are closely monitoring its ability to hold critical levels and break through resistance. The coming days will be pivotal in determining whether HBAR can regain its upward trajectory. Featured image from Dall-E, chart from TradingView
Decentralized ledger platform Hedera has posted a solid set of third quarter (Q3) results, in line with broader market trends as the digital asset landscape enters a potentially transformative fourth quarter, providing insights into the future of its native token, HBAR. Hedera Achieves Record Revenue In Q3 Despite Price Corrections Delving into the data, Hedera’s circulating market capitalization fell 21% quarter-over-quarter (QoQ) to $2.2 billion in Q3. This decline followed notable performances earlier in the year, dropping HBAR’s market rank from 30th to 46th among all cryptocurrencies. The circulating supply of HBAR also saw a slight increase of 5%, totaling 37.6 billion HBAR. The HBAR price dipped by 20%, decreasing from $0.08 to $0.06, reflecting market volatility and challenges the broader crypto sector faced during the period. Related Reading: Dogecoin Unleashes 157% Weekly Boom As Musk-Trump Buzz Builds Despite the price corrections, Hedera achieved substantial revenue milestones. Revenue generated from network transaction fees reached an all-time high of 27.0 million HBAR in Q3, marking an 85% increase from the previous quarter and surpassing the prior record set in Q4 2023. The dollar-denominated revenue also rose by 10% QoQ to $1.6 million, making the third quarter of 2024 the second-highest quarter for revenue in USD, just shy of its all-time high. Hedera’s Consensus Service was a significant contributor, with revenue increasing by 94% QoQ, accounting for 89% of the network’s total revenue. Total Value Locked In HBAR Rises 9% Staking activity also remained robust, with 22.3 billion HBAR staked, representing 59% of the circulating supply. This high staking percentage is attributed to entities like Hashgraph that actively participate in network consensus while forgoing staking rewards. However, both daily average new accounts and active accounts saw declines of 22% and 23%, respectively, indicating a potential slowdown in user acquisition. On the operational front, daily average contracts increased by 24%, driven by spikes throughout September. In the decentralized finance (DeFi) space, while total value locked (TVL) in USD dropped 18% QoQ, the TVL in HBAR rose 9%, suggesting that the decline in USD value was primarily due to HBAR’s price depreciation rather than capital outflows. As the network prepares for Q4, Messari forecasts an increase in circulating supply by approximately 287 million HBAR, primarily aimed at fostering ecosystem development and supporting open-source projects. HBAR Price Outlook HBAR, currently trading at $0.069, has shown relatively flat price action as it enters the fourth quarter, especially when compared to major digital assets like Bitcoin (BTC) and Ethereum (ETH). Over the past week, Bitcoin has gained 24%, while Ethereum has surged by 31%. In contrast, HBAR has seen a more modest increase of 17%. Despite this recent uptick, HBAR remains 90% below its all-time high of $0.5692 reached in September 2021. This stark contrast becomes more pronounced as Bitcoin achieves new all-time highs for four consecutive days and Ethereum approaches its peak. Related Reading: Ethereum Could Be Set To Explore New Highs As On-Chain Metrics Light Up Looking forward, HBAR faces three critical resistance levels that could hinder its upward momentum as the broader market appears ready to push higher. Having recently broken out of a consolidation phase between $0.047 and $0.062, HBAR’s first major resistance is at $0.078, a level that has acted as a barrier for the past four months. Should the Hedera token overcome this initial hurdle, it will then encounter additional resistance at $0.092 and $0.118, corresponding to the six-month and eight-month resistance levels, respectively. If HBAR can maintain its upward trajectory and break through these key resistance points, it may inch closer to its previous all-time highs, especially if the gains seen in key metrics in Q3 continue and translate into further price action. Featured image from DALL-E, chart from TradingView.com
Crypto analyst Egrag has once again shared a bullish analysis of Hedera Hashgraph (HBAR), predicting a potential 30x increase (2,900%). His latest chart analysis (HBAR/USD) presents a view where HBAR stands in the current market cycle, highlighting key Fibonacci retracement levels and critical price points that could guide HBAR’s movement in the months ahead. At the time of Egrag’s analysis, HBAR is trading at approximately $0.0553, with a recent low marked around $0.0355. This price action in the 2-week chart is taking place along a key upward trendline that has acted as strong support multiple times since 2020. This trendline, which stretches over multiple years, has held HBAR’s price during dips and corrections, except for one instance in December 2019. Egrag also pinpoints several Fibonacci retracement levels, a popular tool used in technical analysis to identify potential support and resistance levels. These levels are derived from the Fibonacci sequence, where each level corresponds to a percentage of the price movement between a significant high and low. Related Reading: Hedera (HBAR) Q2 Update: Market Cap Climbs, Daily Transactions Boom, Revenue Follows In Egrag’s analysis, the chart showcases a range of Fibonacci levels, from Fib 0 at the absolute low of $0.0355 to Fib 1.618 at $3.27. Each of these levels indicates critical price points for HBAR as it moves through this market cycle. And according to Egrag, HBAR’s fundamentals are extremely strong and a 2,900% price surge is the absolute minimum. “Last cycle, ADA skyrocketed a mind-blowing 17,000%! To put this into perspective, with HBAR’s bottom at 0.036c, a 170X move would take it to around $6! That’s why I’m all-in on HBAR! Backed by a powerhouse Governing Council, Hedera is leading the charge with cutting-edge tech for seamless tokenization, delivering top-tier performance, rock-solid security, and unmatched compliance,” Egrag notes. Key Fibonacci Levels For Hedera (HBAR) In This Bull Run Fib 0 – $0.03555: This is the lowest price on the chart, representing the local bottom that HBAR recently established. According to Egrag, this could be seen as the long-term support level and a significant historical low. Fib 0.236 – $0.0687: Currently, HBAR is trading just below this Fibonacci level. It has acted as a resistance point over recent weeks, making it a crucial zone to break through for upward momentum to continue. Historically, breaking through the Fib 0.236 level often signals the start of a bullish move towards higher retracement levels. Fib 0.382 – $0.1034: The next critical resistance level is Fib 0.382. A sustained move above this zone would indicate growing bullish momentum and a possible continuation towards even higher Fibonacci levels. Related Reading: Hedera Developer Community Remained Vibrant In Q2 2024: When Will HBAR Turn The Corner? Fib 0.5 – $0.1438: The Fib 0.5 level is one of the most closely watched by traders. It represents a psychological midpoint between the asset’s high and low. According to Egrag, $0.14-$0.15 is a critical range for HBAR. “Until HBAR breaks above Fib 0.5 (0.14c-0.15c), everything else is just noise—time to accumulate for what’s coming!” Egrag claims. Fib 0.618 – $0.2004: Known as the “Golden Ratio,” Fib 0.618 is one of the most important levels in Fibonacci analysis. A break above this level often signals the end of a retracement and the resumption of the primary trend. For HBAR, a move above $0.20 could generate significant bullish interest, paving the way for a move towards new highs. Fib 0.702 – $0.2529: Egrag marks this level as a significant profit-taking zone. If HBAR reaches $0.25, it would represent a substantial 4.5x increase from current levels. This is a key target for traders looking to lock in profits before the next significant leg up. Fib 0.786 – $0.3199: Fib 0.786 is often the last line of resistance before an asset retests its all-time highs. Egrag identifies this as a crucial level, where many traders may choose to sell some of their holdings. Fib 1.0 – $0.5819: This level represents the previous all-time high (ATH) for HBAR. Breaking past $0.58 would indicate a complete recovery from the previous market cycle and set the stage for a potential new bull run. Egrag marks this as a key psychological level where his profit-taking area begins. Fib 1.272 – $1.2447: This is one of the extended Fibonacci levels, representing a point where HBAR could see additional gains in a bullish market scenario. Egrag mentions that breaking beyond ATH could push HBAR toward this level, making it another key profit-taking zone for long-term holders. Fib 1.414 – $1.8513: If HBAR continues its bullish momentum, it could climb towards this level, representing a major price extension. This level, according to Egrag, is where traders may choose to exit significant portions of their holdings, expecting a slowdown after a major uptrend. Fib 1.618 – $3.27: The ultimate profit-taking zone marked on Egrag’s chart is Fib 1.618, also known as the “Golden Extension.” A move to $3.27 would represent a near 60x move from the current price and a staggering 170x increase from the local bottom of $0.03555. Egrag views this as the maximum upside potential for HBAR in this cycle. Egrag concludes, “With its killer fundamentals and cutting-edge tech, a 30X gain is right on the horizon, making HBAR my top macro play!” At press time, HBAR traded at $0.0504. Featured image created with DALL.E, chart from TradingView.com
Despite the challenges across the board, Hedera, a business-focused platform, especially in Q2 2024, continues to build and enhance its ecosystem further. According to a Q2 2024 review shared across X on August 19, analysts noted improvements made in the last quarter, pointing out how the platform performed relative to Q1 2024 and the broader crypto ecosystem. Hedera Developer Community Vibrant In the review, analysts observed that despite the general fluctuation in user activity, the developer community continued to thrive. The scalable ledger has over 75 full-time developers and over 190 monthly active contributors in their funding. For this reason, Hedera is among the top 40 projects by developer count. Related Reading: XRP Spikes 6%: Can It Overcome $0.66 For Further Upside? This update is critical. Like every public blockchain, Hedera requires the support of its activity, not only in spreading awareness and capability but also in fortifying the base code, ensuring that it functions as intended and without errors. Hedera code is open source and has an active public GitHub repository to ensure this is possible. Out of this, users can make code contributions, fostering collaboration and allowing the platform to innovate. Nonetheless, while the developer community is vibrant, its DeFi landscape was not as robust in Q2 2024. From the report, the platform has a total value locked (TVL) of approximately $64 million. This TVL, analysts note, is exclusive of the assets managed by the platform’s liquidity staking solution, Stader. At this level, Hedera lags behind competitors and is far from taking on active networks like Ethereum and Solana, looking at DeFiLlama data. However, reading from their asset under management, what’s positive is that Hedera is actively trying to differentiate itself from other platforms by focusing on emerging sectors. For instance, the report notes that the ledger is looking to power the rapidly growing Decentralized Physical Infrastructure Network (DePIN) sector, and strides are being made. For instance, the review notes that Neuron aims to pioneer data transmission and service delivery using decentralized rails. The platform has made inroads in Australia by deploying its first sensor, a crucial step in increasing the number of its data-sharing nodes. Implementing HIP-540, Will HBAR Turn The Corner? Beyond expansion in DePIN, the platform seeks to improve its token security further by implementing HIP-540. Once it goes live, developers can remove and modify administrative keys. This effectively means Hedera will boost security and trust, which is a crucial development, especially as it builds its NFT ecosystem. Related Reading: Dogecoin Faces Supply Squeeze: What This Means For Price HBAR, the native token of Hedera, is struggling, sinking 66% from April highs. Technically, sellers are in control, but there are efforts to turn around the state of affairs. The token has support at $0.05. Even so, if bulls push on, breaking above $0.06, prices may rip higher, reversing holders’ fortunes. Feature image from DALLE, chart from Canva
In a surprising turn of events, the native token of the decentralized ledger platform Hedera, HBAR, experienced a significant price surge of over 100% during the early hours of Tuesday. Starting from a low of $0.0875, HBAR skyrocketed to reach the $0.1821 mark by Wednesday. The sudden surge was triggered by the news of BlackRock’s tokenized fund, BUIDL, which generated high expectations among HBAR investors regarding a potential collaboration between the prominent asset manager and the Hedera protocol. Not Directly Connected To Hedera? Launched by BlackRock in March 2024, BUIDL operates as a tokenized fund on the Ethereum blockchain, providing US dollar yields through tokenization. Related Reading: Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend? Initially, an announcement led to confusion among investors, who mistakenly believed that BlackRock would directly tokenize the fund on the Hedera network. This misunderstanding triggered a significant surge in the HBAR price. Upon closer examination of the announcement, it became clear that BlackRock and Hedera had no direct connection, although the initial reaction to the news was noteworthy. Crypto analysts, who use the pseudonym “CrediBull” on social media site X (formerly Twitter), shed light on the situation, emphasizing that explicit permission from BlackRock was unnecessary to list tokenized versions of their funds. It was not a deliberate decision by BlackRock to tokenize on Hedera; rather, an existing platform on the network took the liberty of tokenizing one of BlackRock’s funds. However, for the analyst, the fact that a platform on Hedera was among the first to tokenize a BlackRock fund reflects the platform’s leadership in the space. Analyst Clarifies Misconception Further examination reveals that Archax, the company behind the tokenized BlackRock fund on Hedera, is a portfolio company of ABRDN Investments, the largest asset manager in the UK, with approximately $500 billion in assets under management (AUM). Additionally, CrediBull emphasizes that BlackRock happens to be the fourth-largest shareholder of ABRDN. Notably, around ten months ago, Archax tokenized one of ABRDN’s money market funds, preceding their launch of the BlackRock fund. An interview by the Head of Digital Assets at ABRDN clarifies their involvement in the tokenization process on Archax. A “distribution agreement” was signed permitting the tokenization to proceed. If a similar agreement were reached with BlackRock, it would imply the asset manager’s endorsement of the product. Related Reading: Analysts Identify Key Scenario For Bitcoin Hitting $100,000 Ultimately, the interview with the head of digital assets at ABRDN underscores the fact that significant players are utilizing and contributing to the growth of Hedera behind the scenes. Following the clarification of the situation, the price of HBAR has retraced to $0.1199. Nevertheless, it remains up 8% over the past 24 hours and has recorded an impressive gain of nearly 60% in the past seven days. CoinGecko data highlights a substantial surge in HBAR’s trading volume, which has increased by over 1,100% in the past few days. This surge in trading volume indicates the widespread confusion sparked by the initial news announcement. Featured image from Shutterstock, chart from TradingView.com