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The value of Hedera’s HBAR has increased by 27% in the past week. This rally comes after the cryptocurrency exited the consolidation phase in which it has been trading for the past several weeks.
With increased demand, HBAR could surpass its all-time high of $0.57, which it last reached in 2021. This analysis explains why.
Hedera Buyers Aim To Increase Token Price
Over the past seven days, HBAR has recorded a 27% gain, breaking out of its previous range trading pattern. Over the past month, broad market consolidation has kept HBAR price within range, encountering resistance at $0.33 while finding support at $0.26.
However, double-digit gains have pushed HBAR price above this range, currently trading at $0.35. This breakout reflects increased buying pressure and paves the way for further growth as positive momentum builds.
Currently, HBAR trades above its 20-day exponential moving average (EMA), indicating a bullish market bias. This moving average tracks the average price of an asset over the past 20 days, emphasizing recent prices to reflect short-term trends.
When the price of an asset is above the 20-day EMA, it signals an uptrend. This indicates that buyers are dominating the market and assets may continue to appreciate in the near term.
Furthermore, HBAR’s Moving Average Convergence Divergence (MACD) indicator setup reinforces this bullish scenario. The altcoin’s MACD line (green) is currently above the signal line (orange).
When this indicator is set up this way, it shows an uptrend. This means that buying activity outpaces selling among market traders, suggesting the possibility of a prolonged bull run.
HBAR Price Prediction: Sustained Demand Could Push It To $0.57 ATH
Sustained demand for HBAR could push the price above the key resistance at $0.44. A successful break above this price level could provide the support needed for the altcoin to reclaim its all-time high of $0.57, which it reached four years ago.
However, a decrease in buying activity could invalidate this bullish scenario, pushing the token price back to its previous range and remaining around $0.30.
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