Hedera Hashgraph (HBAR) price jumped on Sunday as Bitcoin and other major cryptocurrencies continued consolidating. It rose to a high of $0.064, the highest point since April 20th. In all, the coin has risen by over 8.53% from the lowest level this week.
It is unclear why HBAR price jumped since there was no major Hedera Hashgraph news in the past few days.
Therefore, the most likely reason for the rally is that it is being driven by hype considering the coin was trending on key social media platforms like Twitter and StockTwits. With weekend volume being relatively low, such hypes tend to lead to more price actions in thinly-traded coins.
Fundamentally, Hedera Hashgraph’s ecosystem is doing well, as the number of projects in the ecosystem rise. Developers love the ecosystem because of its faster speeds, low transaction speeds, strong backing by key players like IBM and Google, and its clean credentials. Hedera’s cost per transaction is about $0.001 while the number of mainnet accounts created stands at over 2 million.
HBAR price prediction
On the 4H chart, we see that the Hedera Hashgraph price has been in a consolidation phase in the past few weeks. After falling to a low of $0.056 on March 27, the coin attempted to rebound but found a resistance at $0.078 on April 2.
It has formed what looks like a head and shoulders pattern and is consolidating at the 25-day and 50-day exponential moving averages. The coin is slightly below the 23.6% retracement point. It is also attempting to move above the key resistance point at $0.063, the highest point on April 26.
Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance point at $0.0695, which is ~10% above the current level.
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