HBAR Price Prediction: This $36.7 Trillion Catalyst May Boost BTC, ETH, ADA, HBAR, XLM Prices

The price of HBAR bounced back this week and jumped to the highest point since March 9 as the crypto market continued recovering from the recent sell-off.

Hedera Hashgraph token jumped to a high of $0.2063 on Friday. This price was the highest point since March 9 and saw the coin surge by more than 60% from its lowest point this year. The price later pulled back to trade at $0.1900.

HBAR Price Technical Analysis

The daily chart shows that the Hedera Hashgraph price peaked at $0.4027 in January as investors piled into USA coins after the Trump administration proposed the creation of a government coin stockpile.

Later, HBAR price formed a falling wedge chart pattern. This pattern was formed by two converging descending trendlines. The pattern usually leads to a strong bullish breakout, which explains why it has jumped by 60% from its lowest point in April.

The chart shows that Hedera then formed an inverse head and shoulders pattern, a popular bullish reversal. It has now moved above the neckline at $0.20. The distance between the head and the neckline was about 60%, and measuring that distance from the neckline brought the target to $0.3200. This price coincided with the 23.60% Fibonacci Retracement level.

A drop below the support at $0.1700, the right shoulder, would invalidate the bullish Hedera price forecast.

Why Is Hedera Hashgraph Price Rising?

There are a few catalysts that may push the price of HBAR higher. First, as we have predicted several times – here and here – there are rising odds that Bitcoin price will surge in the coming weeks. It has already jumped above $100,000, and the next level to watch will be the all-time high of $109,300.

A move above that level will likely lead to more gains, potentially to $150,000. Such a move will likely lead to more gains for altcoins, including Hedera Hashgraph.

Second, the coin will soar because of the increasing likelihood of the rising stablecoin market in the network. Data shows that these coins have gone parabolic within the past few months, reaching a high of $131 million, up from less than $40 million in January. That is a sign that investors are flowing to Hedera because of its low fees and fast speeds.

Further, the total value locked of Hedera Hashgraph has jumped to over $193 million, led by large players such as Stader, SaucerSwap, Bonzo Finance, and HbarSuite.

Moreover, there are rising odds that HBAR ETFs like Canary Capital and Grayscale will be approved by the SEC.