Hedera HBAR surges 4% as US House passes crypto bills

The U.S. House of Representatives recently passed three significant crypto-related bills, which have sparked a rally in the price of Hedera (HBAR). The bills, including the GENIUS Act, the Clarity for Payment Stablecoins Act, and the Anti-CBDC Surveillance State Act, aim to establish a legal framework for stablecoins and curb government-run digital currencies. These developments have injected fresh bullish momentum into the crypto market, with HBAR trading around $0.246, marking a more than 4% increase for the day.

The GENIUS Act and the Clarity for Payment Stablecoins Act are particularly noteworthy for Hedera, as they provide a more reliable regulatory foundation for crypto projects. This clarity could encourage more institutions to use Hedera for tokenized payments, stablecoin transactions, and real-world asset projects, potentially driving new adoption and increasing demand for HBAR.

Analysts are closely monitoring the situation, with some predicting that HBAR could reach $0.33. The price of HBAR has recently rallied from $0.16 to over $0.26, forming what appears to be a bull flag on the charts. This pattern is often seen as a bullish continuation signal, with support levels around $0.22 and $0.18, and resistance at $0.29 and $0.33. If HBAR breaks out above $0.26 with solid momentum, traders are targeting these next levels. The Relative Strength Index (RSI) remains strong, indicating that bulls are currently in control.

The market's reaction to these developments has been swift. A tweet highlighted the passage of the GENIUS Act and suggested that it could lead to a significant price increase for HBAR. Another post noted the bull flag pattern and predicted a move toward $0.33, aligning with resistance and the expected breakout if momentum continues. With bullish sentiment building and regulatory progress being made, HBAR price could be poised for its next leg higher.