Hedera’s Hbar token rose nearly 12% on Friday, climbing to $ 0.2657 and surpassing any other top-20 cryptocurrency with the daily percentage gain, according to Coindesk data. The rally followed a message from the popular trading platform Robinhood that it had added support to the asset, increasing its exposure to a broad base of US retail investors.
The list sent HBAR trading quantities sharply higher, with a mid-day breakout around 12:00 ADC on July 25, pushing the prices of $ 0.26 mark in the middle of more than 713 million tokens traded in a single hour. This feature established the $ 0.26 zone as close resistance, although the token continued to show a strong upward momentum for Saturday.
Unlike traditional blockchains, Hedera operates as opposed to traditional blockchains on a unique hash-graph consensus model that allows for high-speed low-speed scale. It is designed to support decentralized applications, NFTs and defi and is widely known for its energy efficiency. The network’s native token, HBAR, is used to pay for networking services, efforts for security and incentives nod participation.
An analyst believes HBAR could have more space to drive.
On Friday, Crypto analyst Chartnerd on X said HBAR could be created for a larger move higher – but only if it clears an important technical obstacle. Specifically, he pointed to a level of resistance near $ 0.35, as he said in accordance with something called the SuperTrend indicator – a commonly used tool that helps dealers identify when an asset can switch from a downward tendency to an appearance.
According to Charterd, whose HBAR can close over this level with a strong momentum, the token could come in what dealers call “price discovery” – a step where there are no previous heights to act as barriers. He quoted Fibonacci expansion levels, which are often used to estimate future price targets under strong uptrends, suggesting that HBAR could potentially rise to $ 1.26 or even $ 3.30 in a bullish scenario.
Technical analysis highlights
- According to Coindesk Research’s technical analysis data model, HBAR increased from $ 0.24 to $ 0.27 over the 24-hour period, ending July 26 at 1 p.m. 06:00 UTC and got almost 12% on the day.
- The sharpest move happened around noon on Friday when a big increase in trading volume pushed prices over $ 0.26.
- After hit this level, the token withdrew briefly and suggested that $ 0.26 can act as a short -lived ceiling.
- Support held about $ 0.24, buying activity building steadily all day and forming a clear upward trend.
- Dealers are now looking for a possible move over $ 0.27, which can signal additional winnings over the weekend.
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