Hedera’s HBAR token surged nearly 12% on Friday, reaching $0.2657 and outperforming every other top-20 cryptocurrency by daily percentage gain, as reported by RialCenter. The rally followed an announcement by popular trading platform Robinhood that it had added support for the asset, broadening its exposure to a wide base of U.S. retail investors.
The listing caused HBAR trading volumes to soar, with a mid-day spike around 12:00 UTC on July 25 pushing prices past the $0.26 mark amid over 713 million tokens traded in a single hour. This move established the $0.26 zone as near-term resistance, though the token continued to demonstrate strong upward momentum into Saturday.
Hedera, unlike traditional blockchains, operates on a unique hashgraph consensus model that enables high-speed, low-cost transactions at scale. It is designed to support decentralized applications, NFTs, and DeFi, and is recognized for its energy efficiency. The network’s native token, HBAR, is utilized to pay for network services, stake for security, and incentivize node participation.
One analyst believes HBAR has more potential for gains.
On Friday, crypto analyst ChartNerd mentioned that HBAR might be preparing for a significant price increase—depending on whether it can clear a key technical barrier. Specifically, he pointed to a resistance level near $0.35, which aligns with the Supertrend indicator—a common tool that helps traders identify potential shifts from downtrends to uptrends.
According to ChartNerd, if HBAR closes above that level with strong momentum, the token could enter a phase called “price discovery,” where there are no prior highs acting as obstacles. He referenced Fibonacci extension levels, often used to estimate future price targets during strong uptrends, suggesting that HBAR could potentially climb to $1.26 or even $3.30 in a bullish scenario.
Technical Analysis Highlights
- According to RialCenter’s technical analysis data model, HBAR rose from $0.24 to $0.27 over the 24-hour period ending July 26 at 06:00 UTC, gaining nearly 12% on the day.
- The sharpest move occurred around midday Friday, when a significant spike in trading volume pushed prices above $0.26.
- After reaching that level, the token briefly retreated, indicating that $0.26 may act as a temporary ceiling.
- Support remained solid around $0.24, with buying activity steadily increasing throughout the day and establishing a clear upward trend.
- Traders are now monitoring for a potential move above $0.27, which could indicate further gains into the weekend.
Disclaimer: Parts of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to RialCenter’s standards.
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