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Hedera Hashgraph was one of the best-performing cryptocurrencies on Friday, November 15, as a popular crypto analyst made his bullish case.
Hedera Hashgraph (HBAR) price rose to $0.0767, its highest level since July 17, and 66% above its lowest level this month.
In an X post, a trader known as Maverick, who has over 145,000 followers, said that HBAR’s climb had just begun. He believes that it can surge to the year-to-date high of $0.1813, which is about 182% higher than the current level.
$HBAR Breaking Barriers!
— Maverick (@degen_maverick) November 15, 2024
After nearly 250-day downtrend, @hedera is on a stellar rally:
📈+40% in the last 7 days
📈+16% in the last 24 hours
📊112% spike in trading volume to $563M in 24 hours
Momentum surged after Canary Capital’s Hedera ETF filing, marking a pivotal… pic.twitter.com/N5F3j2I1U3
Maverick cites the rising Hedera Hashgraph’s volume and the recent application of a spot ETF by Canary Capital as a potential catalyst. There is a likelihood that Donald Trump’s Securities and Exchange Commission would easily approve such an ETF.
Another potential catalyst for Hedera Hashgraph is that its futures open interest has been in a strong uptrend. It jumped to $66.7 million, up from $26.6 million in September, a sign that it is seeing strong demand.
Still, Hedera Hashgraph has numerous challenges. For one, while it counts large companies like Ubisoft, Dell, Boeing, Google, and Deutsche Bank as members of its governance council, its ecosystem is fairly small.
For example, it has a DeFi total value locked of just $44 million, making it much smaller than newer blockchains like Sui and Base Blockchain. DEX networks in its ecosystem handled tokens worth $35.4 million in the last seven days, making it the 32nd biggest chain in the industry.
HBAR price could hit $0.1 soon
The daily chart shows that the Hedera Hashgraph price has bounced back in the past few days. This recovery happened after it formed a double-bottom pattern around the support at $0.045. In most periods, this is one of the most bullish patterns in the market.
Hedera has also soared above the key resistance level at $0.063, the neckline of this pattern. It has also jumped above the 50-day and 200-day moving averages.
Therefore, the path of the least resistance for the coin is bullish, with the next psychological level to watch being at $0.10, which is about 45% above the current level. The stop-loss of this trade will be at $0.055.