HBAR Surges 12% Following Robinhood Listing, Making it Top Daily Gainer Among Top 20

Hedera’s HBAR token surged astir 12% connected Friday, climbing to $0.2657 and outperforming each different top-20 cryptocurrency by regular percent gain, according to CoinDesk Data. The rally followed an announcement by fashionable trading level Robinhood that it had added enactment for the asset, expanding its vulnerability to a wide basal of U.S. retail investors.

The listing sent HBAR trading volumes sharply higher, with a mid-day breakout astir 12:00 UTC connected July 25 pushing prices done the $0.26 people amid much than 713 cardinal tokens traded successful a azygous hour. That determination established the $0.26 portion arsenic near-term resistance, though the token continued to amusement beardown upward momentum into Saturday.

Hedera, dissimilar accepted blockchains, operates connected a unsocial hashgraph statement exemplary that allows for high-speed, low-cost transactions astatine scale. It is designed to enactment decentralized applications, NFTs, and DeFi, and is wide known for its vigor efficiency. The network’s autochthonal token, HBAR, is utilized to wage for web services, involvement for security, and incentivize node participation.

One expert judge HBAR could person much country to run.

On Friday, crypto expert ChartNerd said connected X that HBAR could beryllium mounting up for a large determination higher — but lone if it clears a cardinal method hurdle. Specifically, helium pointed to a absorption level adjacent $0.35, which helium said aligns with thing called the Supertrend indicator — a commonly utilized instrumentality that helps traders place erstwhile an plus whitethorn power from a downtrend to an uptrend.

According to ChartNerd, if HBAR tin adjacent supra that level with beardown momentum, the token could participate what traders telephone “price discovery” — a signifier wherever determination are nary anterior highs to enactment arsenic barriers. He cited Fibonacci hold levels, which are often utilized to estimation aboriginal terms targets during beardown uptrends, suggesting that HBAR could perchance emergence to $1.26 oregon adjacent $3.30 successful a bullish scenario.

Technical Analysis Highlights

• According to CoinDesk Research's method investigation information model, HBAR roseate from $0.24 to $0.27 implicit the 24-hour play ending July 26 astatine 06:00 UTC, gaining astir 12% connected the day.
• The sharpest determination happened astir midday Friday, erstwhile a ample spike successful trading measurement pushed prices supra $0.26.
• After hitting that level, the token concisely pulled back, suggesting that $0.26 whitethorn enactment arsenic a short-term ceiling.
• Support held steadfast astir $0.24, with buying enactment gathering steadily passim the time and forming a wide upward trend.
• Traders are present watching for a imaginable determination supra $0.27, which could awesome further gains into the weekend.

Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.