HBAR Surges 80% in Six Days as Crypto Market Intensifies

The price of HBAR, the native cryptocurrency of Hedera Hashgraph, has surged for six consecutive days, reaching its highest level since May 8. This rally is driven by an intensifying crypto market and improvements in its decentralized finance network. The HBAR token jumped to a high of $0.2285, marking its highest level since March 27 and an 80% increase from its June low.

The HBAR price surge is also attributed to the total value locked in the ecosystem, which has soared to over $215 million from a year-to-date low of $151 million. Key players in the ecosystem include Stader, SaucerSwap, Bonzo Finance, and Libre Capital. Additionally, the volume in its decentralized exchange networks jumped last week, handling over $15.6 million in the last 24 hours and over $80 million during the week.

Most notably, the supply of stablecoins in the network has surged to over $151 million, marking a significant turnaround from a low of $40 million late last month. This surge in stablecoin assets signals increased usage and investment in the network, as stablecoins are nearing their all-time high of $212 million.

Investors are optimistic that the Securities and Exchange Commission will approve the submitted HBAR ETFs later this year, which could lead to increased inflows from Wall Street investors. Technical analysis of the HBAR price shows a rebound after forming a double-bottom pattern at $0.1255, a bullish pattern in technical analysis. The token is nearing the neckline at $0.2288, its highest point on May 12, with a double-top pattern height of about 45%.

HBAR price has moved above the 50-day and 100-day Exponential Moving Averages, with the Relative Strength Index and the MACD continuing to rise. According to the analyst's forecast, the token is likely to continue rising as bulls target the key point at $0.3327, 45% above the current level. This target is established by measuring the depth of the double-bottom and then the same distance from the neckline.