The HBAR price held steady on Monday, No. 10, as the crypto market rebounded, ETF inflows rose, and after Google Cloud added Hedera to its BigQuery datasets.
Hedera (HBAR) token rose to a high of $0.20, up by 88% from its lowest level this year. This rebound brought HBAR’s market cap to over $8 billion, pushing it into the top-20 of the biggest crypto in the industry.
HBAR’s price has risen amid stable demand for the recently launched exchange-traded funds. Data compiled by SoSoValue shows that the Canary HBAR ETF has had over $71 million in inflows since its launch.
It now has $69 million in assets, representing 0.91% of its market capitalization. This is a sign that there is modest demand for the asset among institutional investors.
The HBAR price also rose after it was added to Google Cloud’s BigQuery public dataset. This addition will enable highly scalable cross-chain data accessibility.
It will enable users to compare transaction costs and speeds between Hedera and other blockchain networks, track tokenized assets across different ecosystems, analyze brilliant contract execution and DeFi trends, and conduct historical research on Hedera’s growth.
Still, a key challenge for the HBAR price is that network activity is not growing. For example, the stablecoin supply in the network dropped to $127 million, down from this month’s high of $170 million. Similarly, the total value locked in its decentralized finance ecosystem has fallen to $192 million from the year-to-date high of $400 million.
The daily timeframe chart shows that the Hedera price formed a double-bottom pattern at $0.1550, its lowest levels on Oct. 17 and Nov. 10. The pattern’s neckline was at $0.2205, its highest level on Oct. 28.
Hedera’s price has jumped above the 25-day Exponential Moving Average, while the Relative Strength Index has moved above the neutral 50 level and is pointing upwards.
The HBAR price has also formed a bullish flag pattern, consisting of a vertical line and a descending channel. Therefore, a combination of a double bottom and a bullish flag points to more upside, potentially to the psychological level at $0.25, which is up by 32% from the current level.
A drop below the double-bottom point at $0.1550 will invalidate the bullish outlook and signal further downside.
