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- HBAR has gained 6% in the past week and now trades just below $0.1, with analysts pointing to Hedera as one of the best projects to invest in that are still under $1.
- HBAR hit $0.10 on January 1st for the first time in over a year, and while it has dipped below this level slightly, breaking this resistance was critical for Hedera.
With most of the top movers in recent months, like AVAX and SOL, going through a cooling-off period, investors are looking beyond the top large-cap cryptos for tokens with massive upsides. Hedera’s HBAR has emerged as one of the candidates with the greatest potential, and after breaching the $0.1 resistance this week, it’s primed for more gains in the short term.
At press time, HBAR is trading at $0.09458, dipping by 4.71% in the past 24 hours. Its hourly candlestick is flashing red, wiping out some of the gains of the past week.
However, over the last week, the token has been one of the better performers, and despite dipping in the past day, it has still amassed over 5% in the past seven days.
In that time, it has set an intra-weekly high of $0.1, a level it hasn’t hit in over a year. This rise has been supported by increasing interest from investors in HBAR. Its trading volume once used to average $50 million mid-last year, but over the past month, it has been consistently hitting $100 million. In the past day, over $171 million worth of the token changed hands, a 14% rise from January 1st.
The technical indicators support this bullish thesis. Since April, Hedera has recorded a double-bottom breakout, proving the strength of its support around $0.04. However, at $0.1, it has broken free of this trading pattern for the first time since March and is on the path to a new local high.
(Image courtesy of Sohrab Khawas)
What’s Next for Hedera (HBAR)
Hedera is one of the many solutions that sprang up to target the disgruntled Ethereum users who were dissatisfied with its speed, backlog and inability to scale (although the migration to Proof of Stake has remedied a lot of this).
Applications built on Hedera enjoy enterprise-level scaling at low fees, and in recent times, users have been flocking to these dApps. SaucerSwap has been leading the movement recently, with its decentralized trading protocol attracting increased users over the past few weeks.
According to CoinMarketCap, it facilitated over $1.4 million in trading volume over the past day, ranking just outside the top 100 DEXes. On Monday, it saw close to $3 million in volume traded. This increasing interest has seen its native token, SAUCE, shooting up 47% in the past week to trade at $0.075 at press time.
Other metrics for Hedera have also been picking pace. Its total value locked now stands at $79 million, and predictably, SaucerSwap dominates this metric as well. This TVL has seen a massive increase from mid-last year; in mid-August, it was at $23,000, and at its current level, this is a whopping 343,378% increase.