The price of HBAR, the native cryptocurrency of Hedera Hashgraph, rose for six consecutive days, reaching its highest level since May 8 as the crypto market rally intensified and its decentralized finance network improved.
Hedera Hashgraph (HBAR) token jumped to a high of $0.2285, its highest level since March 27. It has soared by 80% from its lowest point in June, mirroring the performance of most altcoins.
The HBAR price also jumped as the total value locked in the ecosystem continued to soar. The network has over $215 million in assets, up from the year-to-date low of $151 million. Some of the biggest players in the ecosystem are Stader, SaucerSwap, Bonzo Finance, and Libre Capital.
More data shows that the volume in its decentralized exchange networks jumped last week. These protocols handled over $15.6 million in the last 24 hours and over $80 million during the week.
Most importantly, the supply of stablecoins in the network jumped to over $151 million. This surge marked a major turnaround after these tokens hit a low of $40 million late last month. The stablecoins are nearing their all-time high of $212 million.
A surge in stablecoin assets is a good thing because it signals that users and investors are using the network.
Meanwhile, investors are highly optimistic that the Securities and Exchange Commission will approve the submitted HBAR ETFs later this year. Such a move is likely to lead to increased inflows from Wall Street investors.
HBAR price technical analysis
The daily chart shows that the HBAR price also rebounded after it formed a double-bottom pattern at $0.1255. A double bottom is one of the most bullish patterns in technical analysis
Hedera price is nearing the neckline at $0.2288, its highest point on May 12. This double-top pattern has a height of about 45%.
HBAR price has moved above the 50-day and 100-day Exponential Moving Averages. Additionally, the Relative Strength Index and the MACD have continued to rise.
Therefore, the token will likely continue rising as bulls target the key point at $0.3327, 45% above the current level. This target is established by first measuring the depth of the double-bottom and then the same distance from the neckline.