Key Insights
- HBAR price surge is backed by a golden cross, double-bottom breakout, and bullish pennant nearing convergence.
- Stablecoin supply on Hedera has rebounded from $57 million to $85 million, signaling renewed network activity.
- Hedera’s total DeFi value locked has climbed from $143 million to $270 million, boosting investor confidence.
Hedera Hashgraph’s native token HBAR reached $0.2650 on August 10, marking a 16 percent rise from its monthly low and a 107% increase from its lowest point this year. The price action comes as several bullish technical indicators converge, suggesting further upside potential.
On the daily chart, HBAR has completed a double-bottom pattern with support at $0.1260 and a neckline at $0.2298. The breakout was confirmed after a successful retest of the neckline. Additionally, a golden cross pattern formed on July 18 when the 50-day exponential moving average crossed above the 200-day EMA. Both patterns are traditionally associated with sustained upward momentum.
Bullish Pennant Signals Potential Breakout
The token has also shaped a bullish pennant pattern. This formation includes a vertical rise followed by consolidation within a narrowing triangle. The pattern’s height measures about 58 percent, which, if replicated from the breakout point, could lift prices toward $0.40. That level coincides with HBAR’s peak in January.
Source: TradingView
Beyond technical indicators, Hedera’s on-chain data reveals improving fundamentals. Stablecoin supply on the network dropped sharply from $224 million at the start of August to $57 million. It has since rebounded to $85 million, indicating an uptick in on-chain transactions and liquidity.
DeFi Activity Accelerates
Hedera’s decentralized finance ecosystem has experienced notable growth. Total value locked across its DeFi platforms has surged to $270 million from a year-to-date low of $143 million. This increase in locked capital reflects greater user participation and heightened confidence in the network’s applications.
The combination of bullish chart patterns and strengthening on-chain metrics has positioned HBAR for further potential gains. Market participants are now watching whether momentum can carry the token toward the $0.40 level reached earlier this year.
