HBAR Rises 12% After Robinhood Adds Support for the Token
Hedera’s HBAR token increased by nearly 12% on Friday, reaching $0.2657, outperforming other top-20 cryptocurrencies. The rise followed Robinhood's announcement of support for HBAR, boosting trading volumes significantly with over 713 million tokens traded in one hour.
Key highlights include:
- HBAR's price breached the $0.26 level, establishing it as near-term resistance.
- The unique hashgraph consensus model enables Hedera to support decentralized applications, NFTs, and DeFi efficiently.
- Analyst ChartNerd indicated that HBAR could see further gains if it surpasses the resistance at $0.35, which aligns with the Supertrend indicator.
- If successful, HBAR may enter "price discovery," with potential targets of $1.26 to $3.30 based on Fibonacci extension levels.
- Technical analysis showed HBAR rose from $0.24 to $0.27 over 24 hours, maintaining support around $0.24.
- Traders are monitoring for a breakout above $0.27 for continued upward movement.