Has the Bull Run to $1 Begun?
Ivy(HBAR) Price It rose more than 23% in the past 24 hours, hitting levels not reached since December 2021. Breaking out of the 36-month consolidation has sent a huge bullish signal for the coin, which is now believed to achieve a new milestone and enter the top 10 cryptocurrencies. Additionally, the chain is gaining strength on a daily basis, underscoring the rising bullish sentiment in Hedera and HBAR prices.
Why are HBAR prices rising? Will this bull market hit $1?
This past week has been one of the most exciting for Hedera, making the price move so quickly. Some of the headlines include
- Multiple Philippine banks are launching peso-backed stablecoin PHPX on the Hedera network
- Grayscale is looking at potential spot HBAR ETF
- A record $41.65 million USDC flows into the Hedera network
- HBAR spot fund inflow exceeds $2 million
With this, HBAR has risen to the forefront of leading social and market events, second only to Litecoin, which has sent a huge bullish signal for the cryptocurrency. What’s next for HBAR price?
The above historical chart of HBAR shows that the price has broken out of the 3-year consolidation, raising the RSI level above the upper limit. The weekly RSI entered overbought territory for the first time since the 2021 bull run, rekindling hopes of a similar bull run in the future. On the other hand, the coin seems ready for another push as the 50/200 daily weekly moving average is heading towards a bullish crossover, often referred to as the “golden cross”.
Other positives to consider here include bullish sentiment on cryptocurrencies rising to 90.6%, incoming President Donald Trump boosting the market with friendlier SEC rules and clearer regulations, and importantly, continued U.S. inflation rise. Therefore, Hedera (HBAR) price has initiated a massive bullish attack, so any break above the temporary resistance levels of $0.44 and $0.57 will lead to a breakout to a new ATH above $0.6.
