Hedera’s HBAR token surged nearly 12% on Friday, climbing to $0.2657 and outperforming every other top-20 cryptocurrency by daily percentage gain, according to CoinDesk Data. The rally followed an announcement by popular trading platform Robinhood that it had added support for the asset, increasing its exposure to a broad base of U.S. retail investors.
The listing sent HBAR trading volumes sharply higher, with a mid-day breakout around 12:00 UTC on July 25 pushing prices through the $0.26 mark amid more than 713 million tokens traded in a single hour. That move established the $0.26 zone as near-term resistance, though the token continued to show strong upward momentum into Saturday.
Hedera, unlike traditional blockchains, operates on a unique hashgraph consensus model that allows for high-speed, low-cost transactions at scale. It is designed to support decentralized applications, NFTs, and DeFi, and is widely known for its energy efficiency. The network’s native token, HBAR, is used to pay for network services, stake for security, and incentivize node participation.
One analyst believe HBAR could have more room to run.
On Friday, crypto analyst ChartNerd said on X that HBAR could be setting up for a major move higher — but only if it clears a key technical hurdle. Specifically, he pointed to a resistance level near $0.35, which he said aligns with something called the Supertrend indicator — a commonly used tool that helps traders identify when an asset may switch from a downtrend to an uptrend.
According to ChartNerd, if HBAR can close above that level with strong momentum, the token could enter what traders call “price discovery” — a stage where there are no prior highs to act as barriers. He cited Fibonacci extension levels, which are often used to estimate future price targets during strong uptrends, suggesting that HBAR could potentially rise to $1.26 or even $3.30 in a bullish scenario.
Technical Analysis Highlights
- According to CoinDesk Research’s technical analysis data model, HBAR rose from $0.24 to $0.27 over the 24-hour period ending July 26 at 06:00 UTC, gaining nearly 12% on the day.
- The sharpest move happened around midday Friday, when a large spike in trading volume pushed prices above $0.26.
- After hitting that level, the token briefly pulled back, suggesting that $0.26 may act as a short-term ceiling.
- Support held firm around $0.24, with buying activity building steadily throughout the day and forming a clear upward trend.
- Traders are now watching for a possible move above $0.27, which could signal further gains into the weekend.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
