HBAR price nears rebound as key Hedera metric recovers
Main Idea
Hedera (HBAR) shows signs of a bullish breakout as key metrics like stablecoin supply and TVL rise, with technical indicators suggesting potential price recovery.
Key Points
1. Hedera (HBAR) was trading at $0.1525 on July 8, slightly above the month's low of $0.1255 but still 30% below its March high.
2. Stablecoin supply in the Hedera network has risen to over $131 million, its highest since May 28, indicating growing network activity.
3. Total Value Locked (TVL) in Hedera increased to $168 million from $139 million last month, with notable growth in protocols like Bonzo Finance and Libre Capital.
4. Technical analysis suggests a bullish breakout for HBAR, with a double-bottom pattern forming and indicators like RSI and MACD showing upward momentum.
5. The SEC postponed two HBAR exchange-traded funds, with Canary’s ETF delayed to September 9.
Description
Hedera Hashgraph’s token could be on the verge of a bullish breakout after forming a highly bullish pattern and as a key stablecoin metric rebounds. Hedera ( HBAR ) was trading at $0.1525 on July 8, slightly above this month’s low of $0.1255. The current price is still 30% below the March high, placing it in bear market territory. A potential fundamental catalyst for the HBAR price is that the stablecoin supply in the network has started rising this month. It had a stablecoin supply of over $131...
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