Hedera Hashgraph (HBAR) Nears Key Price as SaucerSwap Booms

HBAR CRYPTO_NEWS

Hedera Hashgraph (HBAR) price is loitering near its highest point in over a year on Tuesday. The token jumped to a high of $0.0948, a few points below the December high of $0.0952. It has surged by more than 135% from its lowest point in June last year.

SaucerSwap is doing well

HBAR price continued its uptrend as traders cheered the performance of SaucerSwap, one of its biggest dApps. The SAUC token surged by more than 30% on Tuesday and reached an all-time high of $0.074. This rally brought its total market cap to over $43 million.

Recent data shows that SaucerSwap was doing well. For example, data compiled by DeFi Llama shows that the ecosystem’s total value locked (TVL) jumped to the all-time high of 450.2 million HBAR tokens. In dollar terms, the TVL jumped to over $42.24 million.

Additional data by CoinMarketCap shows that the volume traded in its platform is also rising. It handled over $2.8 million on Monday and the trend could go on as more traders moves back to their offices. Saucer’s token rose after the developers solved an issue that affected transactions in the network.

Meanwhile, the TVL in Hedera Hashgraph’s ecosystem jumped to a record high of over $74 million this week. In addition to SaucerSwap, other parts of the ecosystem is doing well. Stader, a liquid staking platform, saw its assets jump to over $34 million. Similarly, HeliSwap and DaVinciGraph TVL continued rising too.

The other reason why Hedera Hashgraph price is rising is that there are elevated hopes that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF this month. The agency has until January 10th to deliver its decision, which could be to approve, reject, or postpone. This explains why Bitcoin price surged above $45,000 on Tuesday.

Hedera Hashgraph price analysis

The daily chart shows that the HBAR price has been in a strong uptrend in the past few months. This rally has coincided with the overall cryptocurrency rally that pushed BTC above $45,000. The coin has remained above the 50-day and 25-day Exponential Moving Averages (EMA).

Hedera Hashgraph price has also moved above the Ichimoku cloud and is attempting to flip its December high of $0.095 into a support. Therefore, the outlook for the HBAR token is bullish, with the next price to watch being at $0.098, its highest point in February last year.

This article does not provide investment, financial, legal, tax or accounting advice.

Source : Bankless Times / Jan 2, 2024

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