Hedera Hashgraph price rises as predicted: What’s next for HBAR?

Hedera Hashgraph price rose for the third day in a row as the Santa Claus rally returned to the crypto market.

Hedera Hashgraph (HBAR) rose to $0.3300 on Christmas Eve, up over 30% from last week’s lows.

This rally came as other popular altcoins rallied. Other top performers included Helium (HNT), JasmyCoin (JASMY), and VeChain (VET).

There was no Hedera-specific news fueling the jump. Therefore, the most likely reason for the rally was based on sentiment and technicals. Hedera sentiment among traders improved after Canary Capital applied for the top spot in the Hedera ETF in November.

Eric Balchunas, senior ETF analyst at Bloomberg, predicted that the Securities and Exchange Commission will easily approve the HBAR fund. He argued that the agency did not classify HBAR as a security, as it did with other tokens such as Solana and Ripple.

Hedera’s rally also came after futures open interest fell to $209.7 million on December 22 from its peak of $460 million the previous month. Most coins often rally when open interest and sentiment among traders decline.

Hedera Hashgraph price formed two bullish patterns

The most likely reason for HBAR price recovery is crypto.news’ prediction last week. In this report, we noted that the coin formed a double bottom pattern at $0.2350 and the neck line was at $0.3310, the highest swing on December 13th. Such a low is usually a sign that bears are afraid to short sell below that price.

Hedera also formed a falling wedge chart pattern, shown in purple above. The upper side of this pattern connects the highest levels on December 7th, 18th and 20th. The lower side of this wedge connects important downturns this month. A falling wedge often leads to more winnings.

HBAR price also formed a bullish pennant pattern consisting of a long flagpole followed by a triangle pattern.

Hedera also remained above the 50-day moving average, suggesting that bulls were still in control during the pullback. The three white soldiers candlestick pattern has now formed, which is characterized by three consecutive candlesticks.

Therefore, the outlook for HBAR price is bullish, with the next point to keep an eye on is the year-to-date high of $0.40, which is 20% above current levels.