Hedera Price Poised for a Rally to $1 as Analyst Predicts Launch of ETFs Next Year

Highlights:

• Hedera Price soars 1% to trade at $0.29 as trading volume skyrockets.
• Bloomberg ETF analyst Eric Balchunas has said a wave of cryptocurrency ETFs is expected in 2025.
• Balchunas has added that HBAR has not been labeled a security so far, which may be an advantage. 

The Hedera price has soared 1% today to trade at $0.2953 as its daily trading volume shot up 76% to $1.39 billion. The spike in interest has seen the market cap increase, as HBAR boasts a 301% surge in a year, 166% in a month, and 4% in the past week. 

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Meanwhile, Bloomberg ETF analyst Eric Balchunas has said that a wave of cryptocurrency ETFs is expected to appear next year. The first may be a BTC + ETH combination ETF, followed by Litecoin, HBAR, and XRP/Solana. The SEC did not consider Litecoin and HBAR as securities before, which may be an advantage.

We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the btc + eth combo ETFs, then prob Litecoin (bc its fork of btc = commodity), then HBAR (bc not labeled security) and then XRP/Solana (which have been labeled securities in pending… pic.twitter.com/29vMdciZxE

— Eric Balchunas (@EricBalchunas) December 17, 2024

Hedera Statistical Data

Based on CoinmarketCap data:

• HBAR price now – $0.2953
• Trading volume (24h) – $1.39 billion
• Market cap – $11.29 billion
• Total supply –50 billion
• Circulating supply – 38.24 billion
• HBAR ranking – #18

Hedera Price Aims for a Breakout Above the Consolidation Channel

In the past two weeks, Hedera has secured numerous partnerships. Recent token accumulation has been strong, suggesting a potential breakout to a new all-time high soon.

#Chainlink Data Feeds and Proof of Reserve are now live on @hedera mainnet.

How the Chainlink standard enables Hedera developers to build secure DeFi apps and scalable tokenized RWAs ↓https://t.co/NEzknjsAlI pic.twitter.com/2StH7TDYXu

— Chainlink (@chainlink) December 16, 2024

Looking at the 4-hour chart outlook, the token has pushed into a consolidation phase with the lower support at $0.25 and upper resistance at $0.32. This might act as an accumulation period before a substantial rally to $0.5 or $1 soon. 

The Hedera price is sitting on top of confluence support formed by two key indicators: the 200-day Simple Moving Average (SMA) (blue) and the 50-day SMA (green) at $0.21 and $0.29, respectively. On the upside, bulls must break the immediate resistance at $0.32 to resume the uptrend.

The Relative Strength Index (RSI) reinforces the uptrend while lifting toward the overbought region. Traders might consider booking profits as the RSI becomes overbought above 70. For now, the path with the least resistance is to the upside. Traders interested in holding long positions in HBAR and possibly desire to seek more exposure to the token may do so assured that the golden cross pattern on the four-hour is a bullish gesture.

A golden cross comes into the picture when a short-term moving average (50-day SMA) crosses above a long-term moving average (200-day SMA).

Can Hedera Price Reach $1 as Bulls Show Momentum?

How Hedera’s price reacts to support at $0.29 will likely determine its direction in the short term. As a springboard, this support would allow bulls to build momentum as more traders buy into HBAR, thus creating a suitable environment for a breakout. Although such a breakout targets key levels at $0.32 and $0.37, it will encounter other seller congestion zones at $0.39.

However, a decisive candlestick above this resistance zone will lead to a rally, potentially reaching the $0.5 level. In a highly bullish case, the gains could extrapolate to $0.8 or above to $1, respectively. 

On the other side of the fence, the Moving Average Convergence Divergence (MACD) indicator shows that the Hedera price is suitably positioned for a breakout for gains above $0.32 to $0.5. This is evident as the MACD indicator flipped above the orange signal line, calling for traders to rally behind HBAR. If the blue MACD line keeps the gap above the signal line intact, a breakout will soon resume as traders return to seek exposure to HBAR longs.

On the downside, if the bears step into the market at this level, the $0.29 support level coincides with the 50-day SMA may break. In such a case, the hedera price may fall through chasing the 0.2371 support level. 

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