The post Top Reasons Why Hedera (HBAR) Price is Rising: Has the Bull Run to $1 Begun? appeared first on Coinpedia Fintech News
Hedera (HBAR) price stands out as the top gainer with over 23% rise in the past 24 hours, marking the levels not visited since December 2021. Breaking the 36-month consolidation has flashed massive bullish signals for the token, which is now believed to achieve a fresh milestone and enter the top 10 cryptos. Besides, the chain has been strengthening every new day, highlighting the rising bullish sentiments for the Hedera & HBAR prices.
Why is the HBAR price rising? Will the price reach $1 this bull run?
The past week was one of the most exciting weeks for Hedera, which helped the price move so fast. Some of headlines include
Several banks in the Philippines are launching peso-backed stablecoin PHPX on the Hedera network
Grayscale looking at a potential spot HBAR ETF
A record-breaking $41.65 million in USDC flowing into the Hedera network
HBAR recorded over $2 million spot inflows
With this, HBAR has gained among the top spots in leading social and market activity after Litecoin, which flashes massive bullish signals for the crypto. What’s next for the HBAR price?
The above historical chart of HBAR shows that the price has broken the 3-year consolidation, elevating the RSI levels above the upper threshold. The weekly RSI has entered the overbought zone for the first time since the 2021 bull run, reviving the hopes of a similar bull run hereafter. On the other hand, the token appears to be primed for another push as the 50/200-day weekly MA is heading towards a bullish crossover, commonly called the ‘Golden Cross’.
Other positive factors to consider here are the bullish sentiments rising to 90.6% for the crypto, Donald Trump’s upcoming presidency boosting the markets with friendlier SEC rules & clearer regulations and importantly, rising inflation in the U.S. Therefore, the Hedera (HBAR) price has launched a massive bullish attack and hence is believed to smash a new ATH above $0.6, provided it surpasses the interim resistances at $0.44 and $0.57.