Hedera Hashgraph (HBAR) price at $0.2072 is down 3.61%, witnessing a minor pullback after a near 18% rally last week. Based on technical data and a 102% surge in trading volume, HBAR price is prepared to mirror the 780% rally seen in November 2024 to hit $1. The Hedera Hashgraph network surge with the NFT boom adds tailwind to the recovering HBAR price. So, let’s find out if the resurfacing HBAR token could reclaim the $1 mark.
HBAR Price Analysis Signals Parabolic Rise Ahead
HBAR price at $0.20 holds above the psychological mark and enters a short consolidation after a 17.51% surge last week as Bitcoin price hit $100k. Supporting the uptrend, CoinMarketCap’s data shows a 102% surge in trading volume, hitting $592.11 million.
The altcoin price surged 782% between November 4 and December 6 before witnessing a consolidation, constricted within two declining trendlines. This forms the flag pattern, with the bull run known as the pole and the consolidation as the flag. The downfall in HBAR token bottomed out at $0.1247 on April 8 and has surged 66% since then. The altcoin marked an upside breakout with a decisive daily closing price of $0.1952 on May 8 above the flag’s upper boundary.
Flag pattern’s price target is calculated by adding the pole’s length to the breakout point, hinting at a 782% rally to $1.66. According to the trend-based Fibonacci levels, the uptrend could witness short-term resistance at the 50% level at $0.45. Optimistically, the pattern’s breakout rally will surpass the 100% level at $1.29. Hence, the technical signals support the HBAR price prediction of the $1 psychological mark.
The positive trend in the Relative Strength Index (RSI) consolidates near the overbought boundary line, reflecting a minor slowdown in bullish momentum. Additionally, the merger of 50- and 200-day EMAs signals a potential golden crossover ahead. Thus, the technical indicators bolster the HBAR bull run chances with a pattern breakout.
Hedera Hashgraph Network Dominance With 100 Million Transactions per Day
In a recent interview, Hedera Hashgraph’s co-founder, Dr Leemon Baird, boasts about the technological breakthrough with the network’s consensus mechanism. The network runs on an asynchronous Byzantine fault tolerance (ABFT), the gold standard in distributed consensus, as highlighted by Dr Leemon.
“You can have ultimate speed—essentially at the speed of the internet—while also having ultimate security with ABFT,” said Baird, describing the vision that drove the creation of Hedera’s hashgraph algorithm.
With this vision manifesting, the network now processes over 100 million transactions per day, unmatched by most public blockchains. The state-of-the-art mechanism comes with a low-energy proof-of-stake model, underpinning growing adoption across tokenized assets, ESG data tracking, and NFTs.
Total NFT Sales Volume hits $158 on Hedera
Amid the HBAR price surge, the network witnesses a surge in activity, especially in NFTs. The official Hedera Hashgraph website data shows $158.36 million in total NFTs sales volume, with 383,328 NFTs sold over the last two weeks. Additionally, the NFT ecosystem on the network continues to grow as 5,468,273 total NFTs are held by 534,607 total NFT holders. The revival of NFTs will boost Hedera Hashgraph network activity, potentially translating to an HBAR price surge.
With a bullish pattern breakout fueled by a 102% hike in trading volumes, HBAR price aims for the $1 psychological mark. Additionally, the strong network fundamentals, pumping over 100 million daily transactions and booming NFT activity, bolster the bullish chances.
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