After a sluggish October, HBAR has bounced back, sparking enthusiasm among investors and analysts alike. As the Hedera token is gearing up to enter the overall bullish November, often called “Moonvember,” the cryptocurrency is signalling potential positive signs and a recovery from the recent declines.
The sudden rally of about 17% has invoked a fresh wave of enthusiasm across the market, with many investors wondering if this is the start of a new uptrend. While technical indicators hint at a possible bullish continuation, holders are showing mixed signals despite the strong price rebound.
As the crypto market continues to navigate a complex scenario, especially after the recent 1011 crash, HBAR’s recent price action signals a bullish rebound. With the launch of the Canary HBAR ETF on Nasdaq and a breakout above major technical barriers, the stage is set for a potential trend reversal. But can Hedera sustain momentum and reach the coveted $1.8 mark?
HBAR Price Surge Sparks Optimism
While the crypto market has once again plunged into the red zone, HBAR crypto is making headlines with its remarkable rally. As of press time, the token is valued at $0.2090, marking significant upticks of 17% in a day, 20% in a week, and a marginal 0.63% in a month.
This uptrend has ignited bullish speculations about the token, which in turn has contributed to the surging trading volume. As traders and investors remain increasingly optimistic about the crypto, the community engagement rises, and the 24-hour volume hit $978 million, up by a massive 411%.
October Losses Fade: Is a Moonvember Pump on the Horizon?
The current HBAR crypto rally is particularly noteworthy as the token has taken divergence from October’s red zone. Over the past month, Hedera crypto has seen a rollercoaster ride, especially in the wake of the October 11 crypto market debacle, which reportedly marked the largest crash ever.
On October 10, HBAR was trading at around $0.21, in green. However, on October 11, it plummeted to $0.16 and traded in the red zone between $0.16 and $0.19 for about two weeks. In a remarkable turnaround, the altcoin surged to $0.2164 earlier today. Although it has pulled back slightly, the token is still trading in the green zone at $10.2097.
This rebound tells Hedera crypto’s new story in the upcoming months. Historically, November is a positive month for cryptocurrencies, and thus is called “Moonvember.” Considering HBAR’s past trends, the month has been highly bullish for the token.
November has been a mixed bag for Hedera, with varying trends observed from 2019 to 2024. While three years showed positive trends, the other three years exhibited negative trends. However, despite this variability, November has emerged as a standout month, boasting an impressive average return of 41.4%. November 2024 was particularly remarkable, with returns of 262%. This historical performance suggests that November could potentially be a lucrative month for HBAR investors.
Canary Hedera ETF Goes Live
In the latest Hedera news, the Canary HBAR ETF (HBR) has started trading on the Nasdaq today, despite the ongoing US government shutdown. This milestone marks a significant step forward for institutional investment in digital assets, offering direct exposure to Hedera’s native token HBAR.
With assets secured by top custodians BitGo and Coinbase, this ETF allows investors to tap into HBAR’s potential without managing crypto wallets. This pivotal move has significantly influenced the cryptocurrency’s current positive trends.
Will HBAR Crypto Price Hit $1.8?
In a recent X post, analyst ChartNerd pointed out HBAR’s potential surge to an ambitious high of $1.8. Identifying the formation of an ascending channel in the Hedera price chart, the analyst indicated that the token is eyeing sustained growth. Another expert, STEPH IS CRYPTO, noted, “HBAR IS PUMPING HARD NOW!!!!!”
At the same time, crypto expert ZAYK Charts shared a short-term analysis of the altcoin. According to the analyst, HBAR is poised to hit $0.43, with a 56% hike, in November.
