- HBAR rallied over 800% from early levels, now steady near $0.27
- Technical signs point to continued buying and upward momentum
- Crypto Patel suggests $1 goal but notes rising trade risks
- Mainnet upgrade on July 23 to boost network speed and stability
Hedera’s token HBAR has been on a tear lately, climbing more than 100% in just under a month. It touched $0.30 over the weekend before pulling back slightly. At the time of writing, it trades around $0.2746, still up by 18% over the past week. This small dip seems more like a cooldown than a reversal.
After spending several months in a tight range, HBAR broke out earlier this month. It now trades just below its 9-day Double Exponential Moving Average (DEMA), which is around $0.28149.
Although prices have slipped under this level, the current pattern shows the market is taking a breather after a sharp move upward. The recent gains haven’t been erased, and buyers continue to show interest.
Also Read: HBAR Targets $0.30 as TVL Rises by 24%
Momentum Indicators Remain in Bullish Zone
Technically speaking, the chart is still bullish. The Chaikin Money Flow (CMF) stands at 0.05, a figure above the center line. That means there is still an inflow of money into the asset. A positive CMF generally means selloffs will be transient as the buyers are coming in.
The MACD also favors the continuation of the upswing. The MACD line at 0.03030 is significantly above the 0.02384 signal line and has a broadening histogram.
This indicates momentum is gathering again. The uptrend in the MACD started in mid-July when the volume also improved. Up until now, there has been no show of weakness. Unless there’s a drastic change, the setup suggests more upside.
Analyst Highlights Past Gains and Future Potential
Popular crypto expert Patel opined on the journey of HBAR. He noted that early inputs in the range of $0.04–$0.05 have now jumped over 800%. He even noted a secondary buy zone up 125% to date. In the opinion of Patel, HBAR remains strong and may push towards $1, though he warned the trade now has more risk involved.
His words echo the sentiment in the market. Although the $1 target is thrilling, the price action has to hold at the moment in order for the move to materialize. Traders are now considering the excitement of more gains against the requirement for prudence. Those who still long for the trade are observing crucial levels intently.
Hedera’s Mainnet Upgrade Scheduled to Boost Network
Hedera will perform a 0.63 upgrade on July 23 at 17:00 UTC on the mainnet. The maintenance will take approximately 40 minutes and will temporarily reduce the speed of transactions. The upgrade does not affect the HBAR token or the execution of smart contracts.
Instead, it seeks to simplify the network and make it more efficient. Such software as yahcli will henceforth support custom partitions, which will allow developers to run more complex setups. Such developments will help accommodate better throughput and lessen syncing time, key steps as Hedera moves toward greater adoption by businesses.
Also Read: Hedera (HBAR) Breakout Alert: Price Targets $0.32 and $0.40 Amid Rally
