Hedera (HBAR) Price Surges Over 23% to Reach $0.253
After Bitcoin's price failed to reach the anticipated target of $100K, the altcoin sector, particularly Ripple Labs’ XRP and Hedera (HBAR), experienced significant gains. HBAR closed November at its highest level since May 2021 and maintained a bullish trend in early December.
HBAR, with a fully diluted valuation of approximately $12.2 billion and a daily traded volume of around $4 billion, surged over 23 percent in 24 hours, peaking at about $0.253. This movement ended a multi-month consolidation and indicated a bullish outlook. Technical analysis shows HBAR’s weekly Relative Strength Index (RSI) surpassed 80 percent for the first time since Q1 2021, while the monthly RSI is nearing 70 percent, reflecting renewed bullish sentiment.
Factors Fueling Bullish Sentiment for Hedera
Hedera's positive outlook is supported by strong fundamentals developed in recent months. The Hashgraph-powered blockchain has attracted attention from institutional investors due to its numerous DeFi protocols.
Real-world utility is important.
Affordable, predictable fees are important.
Responsible, transparent governance is important.#Hedera is important. #HelloFuture pic.twitter.com/ketybMmobj— Hedera (@hedera) December 1, 2024
Hedera's governing council includes major institutions such as IBM, Google, Boeing, and the Nairobi Stock Exchange, among others. Currently, the Hedera network has over $154 million in total value locked (TVL) and more than $17 million in stablecoin market cap. Compared to competitors like Ethereum, Hedera offers fixed transaction fees and high throughput without increasing fees during peak on-chain activity, providing certainty for DeFi developers regarding future stability in its ecosystem.
Midterm Expectations for HBAR Price
Following a confirmed macro bullish breakout, HBAR is positioned for a continued upward trend in the coming months, potentially approaching its all-time high. On-chain data indicates that the rally among large-cap altcoins is driven by their strong fundamentals rather than capital rotation from Bitcoin. However, a possible correction for top-performing altcoins may push HBAR's price toward the support range between 14 cents and 18 cents before resuming its upward trajectory.