HBAR price prediction: Can Hedera hit $1 during this crypto market bull run?

Hedera Hashgraph (HBAR) price has rebounded during this crypto market bull run as investors decided to buy the dip in the token.

The price of Hedera (HBAR) rose for two consecutive weeks and reached its highest level since March 3 as it continues to hover above the $0.20 mark. It has risen by 75% from its lowest level in April and 425% from its lowest point in 2024.

HBAR price prediction: can Hedera hit $1?

Hedera’s token was trading at $0.2185 on Monday, meaning that it needs to rise by 375% to reach the psychological milestone of $1. Such a move would bring its market cap to $42 billion, a significant increase from the current $8.8 billion.

As the saying goes, "never say never in crypto." HBAR’s historical performance shows that a 375% increase from the current level is possible, as it has had similar rallies in the past. Especially during the 2017 bull market, some altcoins experienced incredible price surges. For instance, Bitcoin Cash had a 4,000% rally from its March lows to August highs.

The weekly chart shows that HBAR price bottomed at $0.1246 in April and then bounced back to $0.2185. It has moved above the key resistance level at $0.1815, the highest swing on April 22 last year — and the neckline of the double-bottom pattern at $0.04172.

It has also crossed the 50-week Exponential Moving Average and the major S/R pivot point of the Murrey Math Lines tool. Moving above that pivot point is often seen as a highly bullish signal. Some popular oscillators have started to point upward. The Relative Strength Index has moved above the neutral point at 50, indicating that momentum is building.

Therefore, with trade risks easing, the token is likely to keep rising, with the initial target at $0.3965 — the highest point this year, which is about 85% above the current level. It needs to move above that level to invalidate the double-top pattern, whose neckline is at $0.1246.

After that, HBAR will need to cross the all-time high of $0.5820 for the path to $1 to become clear. A drop below the April low of $0.1245 will reduce the likelihood of it rising to $1 — at least in the current bullish cycle.

Potential catalysts for Hedera

Hedera has several catalysts that may push its price to $1 and above. First, the rally will depend on Bitcoin’s performance. Analysts are highly bullish on Bitcoin, citing the surging ETF inflows and falling exchange supplies. Institutions like Strategy, MetaPlanet, and BlackRock have continued to buy Bitcoin this year. A strong Bitcoin surge would help other altcoins like Hedera.

HBAR price will also benefit from the potential ETF approval by the SEC. The agency has already approved HBAR ETF applications by Grayscale and Canary Capital, and Bloomberg’s Eric Balchunas believes they stand a chance of approval. Especially after the recent approval of the Bitcoin futures ETF by the agency, there is a high possibility that the SEC will approve the token.

Hedera is also hoping to be a major player in the tokenization industry and has already inked several partnerships. It recently partnered with Tokeny Solutions, which works with top firms like Credit Agricole and ABNB Amro to help them tokenize their assets. Companies will likely choose Hedera for their RWA solutions because of its low transaction fees.