Hedera (HBAR) has recently seen a massive surge, with its price skyrocketing as much as 40% in the last 24 hours. The remarkable rally comes on the heels of a technical signal known as the golden cross, which has traditionally been viewed as a bullish indicator on the crypto market.
A golden cross is formed when a short-term moving average crosses above a long-term moving average. In the instance of HBAR, the 50-day simple moving average (SMA) has crossed above the 200-day SMA, creating a golden cross.
For Hedera (HBAR), this bullish pattern has driven a wave of buying activity, with the HBAR price rising six out of seven days since Nov. 26 and reaching highs of $0.259 in today's trading session.
Aside from the golden cross signal, other factors might have contributed to Hedera's price surge, including growing network adoption and positive market sentiment.
Hedera has been expanding its ecosystem, with its governing council growing and now at 32 members. As more businesses and developers join the Hedera network, utility and demand for HBAR tokens increase.
The broader cryptocurrency market has rallied in recent weeks, with altcoins like HBAR benefiting from the positive sentiment.
What’s next for HBAR?
At the time of writing, HBAR was up 19% in the last 24 hours to $0.241, having erased some of its intraday gains amid a broader sell-off on the crypto market that saw $536 million in liquidations.
The last time Hedera created a golden bullish cross was in mid-November 2023, when it traded at about $0.06, and it rose to highs of $0.18 in April, nearly five months later. The development of a death cross in late June this year invalidated the golden cross signal, with the HBAR price plummeting to $0.041 on Nov. 4, when it began to rise.
Since that date, HBAR has steadily climbed, reaching a high of $0.259 in today's trading session, a level not seen since March 2022. This increase has propelled HBAR into the top 20 cryptocurrencies by market capitalization, placing it 19th with a market value of $9.23 billion.
If HBAR can break above the current barrier at $0.259, it could trigger a new wave of buying interest, pushing the price even higher, possibly to $0.30 and $0.45. On the other hand, any potential correction could lead to short-term pullbacks. In this scenario, support is envisaged at $0.17.
