Hedera (HBAR) Price Hits 31-month High of Over 25 Cents Catalyzed by Robust Fundamentals

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As a seasoned crypto investor who has navigated through several market cycles since the early days of Bitcoin, I find myself increasingly optimistic about Hedera (HBAR). After witnessing Bitcoin’s failure to reach the much-anticipated $100K mark, it was disheartening for many, including myself. However, the resilience shown by altcoins like HBAR has been a beacon of hope in these challenging times.

The Bitcoin price, represented as BTC $95,218, failed to reach the predicted $100K target last month. However, the altcoin market, spearheaded by Ripple Labs’ XRP at $2.34, and Hedera at $0.24, has seen significant gains in the past two days. Following a record high close in November, HBAR price maintained its bullish trend in the initial days of December.

24 hours ago, I saw an impressive surge of around 23% in the mid-cap altcoin I’m invested in, which has a fully diluted market cap of approximately $12.2 billion and averages around $4 billion in daily trading volume. This growth propelled its price to about $0.253 at its peak.

After a prolonged period of stability, the price of HBAR began to trend upward, indicating a positive market outlook in the coming weeks. From a technical perspective, the Relative Strength Index (RSI) for weekly and monthly HBAR data has spiked above 80% and is close to surpassing 70%, respectively – levels not seen since Q1 of 2021. This suggests that bullish sentiment is on the rise.

Factors Fueling Bullish Sentiment for Hedera

Previously, as Coinspeaker mentioned, Hedera’s optimistic perspective has been greatly strengthened by the solid foundations established over the past few months. Moreover, the blockchain that uses Hashgraph technology and hosts multiple DeFi protocols has drawn considerable interest from institutional investors.

Practical application is crucial. Affordable, consistent transaction costs matter. Open, accountable leadership is essential. Hedera is significant for the future. #WelcomeToTheNextStep

— Hedera (@hedera) December 1, 2024

To give you an example, Hedera’s decision-making body is made up of prominent global institutions, headed by IBM, Google, Boeing, and the Nairobi Stock Exchange (NSE), along with several others. Currently, Hedera’s network boasts a total value locked (TVL) of over $154 million and a market cap of approximately $17 million in stablecoins.

Compared to its competitors like Ethereum (ETH $3,602), the Hedera network demonstrates greater growth potential, primarily because of its stable transaction fees and high processing speed. Unlike Bitcoin and Ethereum, Hedera doesn’t increase its transaction fees during peak on-chain activity.

As a result, developers in the DeFi sector can look forward to a secure and promising future within Hedera’s environment, backed by a respected governing body that guarantees dependable access and transparency.

Midterm Expectations for HBAR Price

Following the validation of a strong bullish surge, it seems reasonable to expect the HBAR price to persistently climb upward in the upcoming months. Given its practical real-world application, this digital coin could potentially ascend towards its peak value in the short term.

In other words, it appears that the recent surge in large-altcoins isn’t due to money moving away from Bitcoin, but rather because of the strong foundations supporting these coins themselves.

If investors choose to shift their earnings from top-performing altcoins into promising new projects, it’s possible that HBAR’s price might dip towards a support zone of 14 to 18 cents before resuming its upward trajectory.

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2024-12-02 15:31