Hedera hit a three-year high of $0.369 on December 7, gaining more than 120% in the past seven days while bringing its market capitalization to more than $12.78 billion.
The recent rally extended the altcoin’s monthly gains to nearly 600% making it the top performer among the 100 largest cryptocurrencies by market capitalization according to data from CoinGecko.
ivy (HBAR) daily trading volume had also increased by 140% over $4.66 billion at the time of writing. The demonstration coincides with a jump in his open interest in the future. CoinGlass data shows that open interest in the HBAR futures market hit a record high of $459.87 million, marking a notable increase from a November low of $32.8 million.
Why does Hedera grow?
The recent price increase was largely driven by Hedera’s partnership with Elon Musk’s SpaceX. This partnership involves the integration of Hedera’s blockchain technology into SpaceX’s space missions, focusing on advanced data tracking solutions.
The development has generated buzz among investors and the blockchain community. See below.
Another catalyst for the demonstration is Hedera’s role in blockchain-based federal payment systems. The Federal Reserve’s FedNow payment network has integrated the micropayment platform based on Hedera Dropp, which allows transactions with HBAR, adding to its utility.
In addition, traders are optimistic about the possibility of a Hedera-focused exchange-traded fund. Canary Capital recently archived for this ETF with the US Securities and Exchange Commission, and speculation intensified with reports from SEC Chairman Gary Gensler. Some believe approval is likely under the incoming Trump administration.
Recent developments have also attracted the attention of whales. Data from HederaWatch reveals a sharp increase in accounts holding between 100,000 and 100 million HBAR.
Particularly notable is the growth in accounts holding more than 100 million tokens, which has increased by more than 20% since August.
Meanwhile, sales interest in HBAR has grown in recent weeks, as indicated by Google Trends data. This surge in interest aligns with the HBAR Fear and Greed Index data from CFGI, which currently stands at 84, indicating extreme greed.
Based on these metrics, traders appear eager to capitalize on potential gains, further driving HBAR’s price momentum.
HBAR has strong techniques
On the daily chart, HBAR’s price is hovering above the 50- and 200-day exponential moving averages, indicating that the bulls are still in control, adding to the buying pressure that has driven the recent gains.
The Moving Average Convergence Divergence indicator confirms this trend, with the MACD line positioned above the signal line and pointing upwards, suggesting a strong bullish trend.
At the time of press, HBAR was trading at $0.34, and based on the positive signals, the next likely target for the token could be the psychological resistance of $0.40, beyond which I would look to secure the $0.45 mark.
However, according to to WSB Trader Rocko analyst, HBAR could rally to $0.576 – a potential 70% jump from its current price levels.
