The price of Hedera (HBAR) has increased dramatically in the previous 24 hours, rising by up to 40%. The technical signal known as the golden cross, which has historically been seen as a positive indicator on the cryptocurrency market, preceded the incredible rise.
When a short-term moving average crosses above a long-term moving average, it creates a golden cross. The 50-day simple moving average (SMA) in the case of HBAR has formed a golden cross by crossing over the 200-day SMA.
With the price of Hedera (HBAR) climbing six of seven days since November 26 and hitting highs of $0.259 in today’s trading session, this bullish pattern has sparked a surge of purchasing interest.
Hedera’s price spike may have been caused by a number of causes outside the golden cross signal, such as increasing network usage and optimistic market mood.
With a governing council that now comprises 32 members, Hedera has been growing its ecosystem. The usefulness and demand for HBAR tokens grow as more companies and developers join the Hedera network.
In recent weeks, there has been a surge in the overall cryptocurrency market, which has helped altcoins like HBAR.
What’s next for HBAR?
At the time of writing, HBAR had lost some of its intraday gains amid a larger sell-off on the cryptocurrency market that saw $536 million in liquidations, but it was still up 19% over the previous day to $0.241.
When it was trading at around $0.06 in mid-November 2023, Hedera last produced a golden bullish cross. Almost five months later, in April, it reached highs of $0.18. The golden cross signal was rendered useless by the formation of a death cross in late June of this year; the HBAR price fell to $0.041 on November 4 before starting to recover.
HBAR has been rising gradually since then, and today’s trading session saw it hit a high of $0.259. This is the highest level since March 2022. HBAR is now ranked 19th with a market value of $9.23 billion, pushing it into the top 20 cryptocurrencies by market capitalisation.
A fresh round of purchasing activity may drive the price much higher, perhaps to $0.30 and $0.45, if HBAR can overcome the current hurdle at $0.259. However, any possible adjustment could result in temporary setbacks. Support is anticipated at $0.17 in this case.
