HBAR Soars After Robinhood Listing: Can It Hit $0.35?
The price of Hedera Hashgraph increased for three days in a row, making it one of the top-performing tokens. On Saturday, the HBAR token surged to $0.27, a 17% increase from its lowest point this week. With a market valuation of more than $11 billion, it has risen 110% since its April low.
Following HBAR’s listing on Robinhood, there was a rise. With millions of users and a market value of over $92 billion, Robinhood is one of the most well-known cryptocurrency platforms in the US. Thus, it is not surprising that HBAR has increased.
Hedera’s Stablecoin Growth Fuels Surge in Token Price and TVL
As its stablecoin supply continued to grow, the price of HBAR likewise surged. According to DeFi Llama statistics, its stablecoin supply has grown to $210 million, a 9% increase over the previous seven days. From its low of $40 million this month, it has risen sharply.
With Stader’s total value locked rising by 55% in the last 30 days to $120 million, Hedera‘s network has also continued to expand this month. Bonzo Finance increased to $52 million, while SaucerSwap’s TVL surged 68% to $75 million.
HBAR Forms Bullish Double-Bottom and Golden Cross: Is $0.30 Next?
The HBAR price developed a double-bottom pattern around $0.1242, the lowest points of the daily chart occurring on April 7 and June 22. When it peaked in May of this year, its neckline was at $0.2275. Hedera has already returned to the support level at $0.2275, forming a break-and-retest pattern. One of the most prevalent bullish continuation indicators is a break-and-retest.
Hedera has also created a golden cross and risen above the 38.2% Fibonacci Retracement level. The 50-day and 200-day moving averages cross each other to produce this golden cross. As a result, the HBAR token is poised to continue its upward trajectory, even though bulls aim for the crucial resistance level of $0.2985, which is the highest level this month.
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