HBAR price stabilized at #10 on Monday after the crypto market recovered, ETF inflows increased, and Google Cloud added Hedera to its BigQuery dataset.
summary
- HBAR prices soared as recently launched ETFs continued to add assets.
- Hedera’s ETF inflows soared to more than $71 million in just two weeks.
- Your network has been added to the Google BigQuery platform.
Hedera (HBAR) token rose to a high of $0.20, an 88% increase from this year’s lowest level. This recovery has pushed HBAR’s market cap to over $8 billion, pushing it into the top 20 largest cryptocurrencies in the industry.
HBAR prices are rising on the back of steady demand for recently launched exchange-traded funds (ETFs). The Canary HBAR ETF has seen more than $71 million in inflows since its inception, according to data compiled by SoSoValue.
Current assets are $69 million, equivalent to 0.91% of market capitalization. This indicates that there is moderate demand for this asset among institutional investors.
The price of HBAR also increased after it was added to Google Cloud’s BigQuery public dataset. This addition enables highly scalable cross-chain data access.
This allows users to compare transaction costs and speeds between Hedera and other blockchain networks, track tokenized assets across different ecosystems, analyze great contract enforcement and DeFi trends, and perform historical research on Hedera’s growth.
Still, the main challenge for HBAR prices is the lack of growth in network activity. For example, the supply of stablecoins in the network has fallen from this month’s high of $170 million to $127 million. Similarly, the total amount locked in the decentralized finance ecosystem fell from a year-to-date high of $400 million to $192 million.
HBAR price technical analysis
The daily timeframe chart shows Hedera price forming a double bottom pattern with the October 17th and November 10th lows of $0.1550. The neckline of the pattern was at the October 28th high of $0.2205.
Hedera price is rising above the 25-day exponential moving average, and the Relative Strength Index is trending higher above the neutral 50 level.
HBAR price is also forming a bullish flag pattern consisting of a vertical line and a descending channel. Therefore, the combination of double bottom and bullish flag could indicate further upside and reach the psychological level of $0.25, which is a 32% increase from current levels.
A break below the double bottom point at $0.1550 will invalidate the bullish outlook and signal further downside.