Hedera hits 3-year high, monthly gains near 600%

Hedera hit a three-year high of $0.369 on December 7, gaining more than 120% over the past seven days while pushing its market cap to more than $12.78 billion.

The recent rally has brought the altcoin’s monthly gains to nearly 600%, making it one of the best performers among the 100 largest cryptocurrencies by market capitalization according to CoinGecko data.

Ivy (HBAR) daily trading volume also increased by 140%, surpassing $4.66 billion at the time of writing. The rally coincided with a rise in its open positions in futures contracts. Data from CoinGlass shows that open interest in the HBAR futures market reached an all-time high of $459.87 million, marking a notable rise from November’s low of $32.8 million.

Why is Hedera going up?

The recent price surge is largely due to Hedera’s collaboration with Elon Musk’s SpaceX. This partnership involves integrating Hedera’s blockchain technology into SpaceX’s space missions, focusing on advanced data tracking solutions.

The development has generated buzz among investors and the blockchain community. See below.

Another catalyst for the rally is Hedera’s role in blockchain-based federal payment systems. The Federal Reserve’s FedNow payment network has integrated Hedera-based Dropp micropayment platform, which allows transactions using HBAR, adding to its utility.

Additionally, traders are optimistic about the possibility of an exchange-traded fund focused on Hedera. Canary Capital recently filed for this ETF with the United States Securities and Exchange Commission, and speculation intensified with reports of the resignation of SEC Chairman Gary Gensler. Some believe approval will be likely under the new Trump administration.

Recent developments have also attracted the attention of whales. Data from HederaWatch reveals a sharp increase in accounts holding between 100,000 and 100 million HBARs.

Particularly notable is the growth in accounts holding over 100 million tokens, which have increased by over 20% since August.

Meanwhile, retailer interest in HBAR has increased in recent weeks, as shown by Google Trends data. This increase in interest aligns with the HBAR Fear and Greed Index. data of the CFGI, which currently stands at 84, which demonstrates extreme greed.

Based on these metrics, traders appear eager to capitalize on potential gains, thereby boosting HBAR price momentum.

HBAR has solid techniques

On the daily chart, HBAR price is floating well above the 50-day and 200-day exponential moving averages, indicating that the bulls are still in control, adding to the buying pressure that has driven the recent gains.

The Moving Average Convergence Divergence indicator confirms this trend, with the MACD line positioned above the signal line and pointing upwards, suggesting a strong uptrend.

At press time, HBAR was trading at $0.34 and based on the positive signals, the token’s next likely target could be the psychological resistance of $0.40, beyond which it would look to reach the $0.45 mark.

However, according to According to WSB Trader analyst Rocko, HBAR could rally to $0.576, a potential 70% jump from its current price levels.