HBAR Price Hits 1-Month High, Targets 150% Rally As Hedera Network Activity Soars

Hedera (HBAR) is trending due to a surge in network activity as seen in the market cap of stablecoins on the network. This increase is fueling a HBAR price rally because in the last 24 hours, it has increased by 5.2% to trade at $0.178 today, July 10. Meanwhile, the daily trading volumes have also increased by 43% to $367 million.

Double Bottom Pattern Predicts HBAR Price to $0.42

HBAR price rose to a high of $0.18 today, which is its highest level in one month following a crypto market rally today. Following these gains, Hedera was able to move from a key support level within a double-bottom chart pattern.

The first target that HBAR will aim for in this pattern is $0.22, which is also doubling as a strong neckline resistance. Due to the gains that have been made in the last three weeks, the price of Hedera has been inching close to this resistance, and if it reaches it, it might confirm the double bottom that will indicate a strong reversal.

However, the target of this double bottomed pattern is $0.42, which is the same as the height between the bottom support and the resistance level of $0.22. HBAR price will get to this target if it can gain by more than 155%, which means it has to record an over 2x rally.

The momentum behind Hedera’s price movement is also changing in favor of bullish traders because the RSI indicator has moved above 50 after making a series of higher lows. As it continues to rise above 50, it will show that the buying activity is rising again and overpowering selling pressure, and this will support the bullish narrative for the Hedera price prediction shared by the double-bottom.

Hedera Network Activity Surges as Stablecoin Market Cap Adds $90M

The level of activity on the Hedera blockchain has also increased in the last two weeks, as shown by data from DeFiLlama. Firstly, the market cap of stablecoins on the network has increased by around $90 million within two weeks, indicating that there are more users on this blockchain, and this might help support the next HBAR price rally.

Besides the rise in stablecoins, the Total Value Locked (TVL), which shows the level of Defi activity, has also increased by 24% within the same period from $72 million to $89 million.

The bullish structure that is being seen on the weekly chart and an increase in the network usage might be one of the factors that cause the next upward rally for this token. Data from Coinglass shows that long traders are anticipating such a move following a rise in the long/short ratio to a weekly high as open interest surged by 6% to $271 million.

In conclusion, HBAR price might be close to a staggering 150% increase if it can overcome the resistance level at $0.229. The rising network activity shows that this might happen as more users interact with the blockchain.