The cryptocurrency market is quite divided today (September 29), with some popular altcoins posting double-digit losses, while others are pumping hard.
Hedera’s HBAR is among the winners’ club after rallying by roughly 25% in a day and surging to its highest level since early January. Check out what triggered the move north and some of the most interesting price predictions.
History Repeating?
Just hours ago, HBAR jumped to around $0.13 (per CoinGecko) before slightly retracing to the current $0.12. This still represents an impressive 60% increase over two weeks.
The asset’s market capitalization has risen well above the $5 billion psychological mark, making it the 26th-largest cryptocurrency and flipping popular altcoins like Avalanche (AVAX), Sui (SUI), and others.
Perhaps the main catalyst for the uptrend is the partnership between IBM and the Hashgraph Group. The entities aim to bring Hedera-based IDTrust to IBM Cloud, giving enterprises verifiable digital identity for AI agents. Meanwhile, BlackRock’s tokenization of its US Treasury Money Market Fund on Hedera pushed net assets beyond $40 billion, signaling solid institutional support.
The token’s major resurgence caught the eye of several market observers, most of whom expect further short-term gains. The Moon Show claimed that HBAR “is doing the same thing it did before the last big move.” The X user identified $0.13 as a key level, suggesting that clearing it could spark a much stronger upward move.
For his part, Doctor Profit argued that every time HBAR crossed the weekly MA50, it rallied strongly afterward. That said, he revealed that he has increased his exposure to the asset “as it’s breaking out right now.”
X user OxNeena also chipped in, claiming that the coin is breaking out of a long descending channel. According to the analyst, the next bullish targets could be $0.20, $0.30, and $0.45.
HBAR’s recent exchange netflow supports the bullish forecasts. Over the past few days, outflows have far surpassed inflows, suggesting investors have moved away from centralized platforms toward self-custody, effectively reducing immediate selling pressure.
Something for the Bears
Despite the overall optimistic forecasts, HBAR’s Relative Strength Index (RSI) hints that the asset may face a short-term correction.
The ratio has surged past 70, representing overbought territory, which is typically interpreted as a precursor to a pullback. The index runs from 0 to 100, where anything below 30 is seen as a buying opportunity.
The post Hedera (HBAR) Soars to 8-Month High: What Happened and What’s Next? appeared first on CryptoPotato.
