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HBAR Token Surges Following Robinhood Listing
On Friday, Hedera’s HBAR token experienced a remarkable surge of nearly 12%, reaching a price of $0.2657. This impressive performance positioned HBAR as the top daily gainer among the top 20 cryptocurrencies, according to data from CoinDesk.
The catalyst for this price rally was the announcement from Robinhood, a popular trading platform, indicating that HBAR would now be supported on its platform. This move significantly increases HBAR’s exposure to a wide base of U.S. retail investors, potentially driving further interest and investment in the token.
Surge in Trading Volumes
The Robinhood listing led to a sharp increase in HBAR trading volumes, particularly around midday on July 25 at 12:00 UTC. During this time, an impressive 713 million HBAR tokens were traded within just one hour, pushing prices decisively through the $0.26 mark. This breakout established the $0.26 level as a near-term resistance point, although the token continued to maintain strong upward momentum into the weekend.
Understanding Hedera’s Unique Technology
Hedera distinguishes itself from traditional blockchains by employing a unique hashgraph consensus model. This innovative approach allows for high-speed, low-cost transactions at scale, making it a robust platform for decentralized applications, NFTs, and DeFi projects. The native token, HBAR, serves multiple purposes on the network, including paying for services, staking for security, and incentivizing node participation, which enhances the overall efficiency of the network.
Technical Analysis: What’s Next for HBAR?
Crypto analyst ChartNerd shared insights on X, indicating that HBAR might be on the verge of a significant upward movement. However, this potential surge hinges on the token successfully clearing a crucial technical resistance level around $0.35. This level aligns with the Supertrend indicator, a popular tool among traders that signals potential trend reversals.
If HBAR can close above $0.35 with strong momentum, it could enter a phase known as ‘price discovery.’ During this phase, the asset faces no prior highs to act as barriers, which can lead to substantial price increases. ChartNerd’s analysis includes Fibonacci extension levels, suggesting that HBAR could see its price rise to $1.26 or even $3.30 in an optimistic scenario.
Key Technical Metrics
According to CoinDesk Research‘s technical analysis data model, HBAR rose from $0.24 to $0.27 over a 24-hour period ending July 26 at 06:00 UTC, marking a nearly 12% gain for the day. The most significant price movement occurred around midday Friday when a surge in trading volume propelled prices above the $0.26 threshold.
After reaching this level, HBAR experienced a brief pullback, indicating that $0.26 may serve as a short-term ceiling. Nevertheless, support around $0.24 held firm, with buying activity steadily increasing throughout the day, forming a clear upward trend. Traders are closely monitoring HBAR for potential movement above $0.27, which could signal further gains as the weekend approaches.
Conclusion: Should You Invest in HBAR?
With the recent Robinhood listing and positive technical analysis, HBAR is drawing significant attention from both retail and institutional investors. Its unique technological advantages and potential for continued price appreciation make it an intriguing option for those looking to invest in the cryptocurrency market. As always, investors should conduct their own research and consider market trends before making investment decisions.
For more insights into cryptocurrency investments, check out our guides on How to Buy Bitcoin, How to Buy Cryptocurrency, and other major coins.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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