Hedera (HBAR) Price Challenges a Resistance at $0.3 After a 25% Weekly Surge

The crypto industry is seeing another bull run as the end of the year approaches, and most of the crypto market is seeing a major price increase. Among them is Hedera (HBAR), the 33rd largest cryptocurrency by market cap at the time of writing, and a native coin of one of the most used, sustainable, enterprise-grade public networks around.

Hedera’s network focuses on the decentralized economy, allowing individual users and companies alike to create powerful dApps in a dedicated ecosystem. Furthermore, the project was designed to be more efficient and more fair, with the intention to eliminate the limitations that older blockchains are still struggling with to this day.

The project held an ICO in August 2018, so it is currently nearly three and a half years old, but it first launched open access to its mainnet over a year later, in September 2019.

Hedera (HBAR) price performance

As mentioned, the project launched in late September 2019, with a price of $0.087 at the time. Unfortunately, immediately after launch, its price dropped to $0.03, and then even lower, to $0.01 in early 2020. Things started to change in mid-February 2020, when the project’s coin surged back up to $0.06, nearly returning to its starting price.

Unfortunately, this was cut short by the mid-March price crash, caused by the COVID-19 pandemic, which caused a global financial market meltdown. However, while most cryptocurrencies quickly started recovering from this drop, Hedera simply remained at its new bottom at $0.03, only seeing slight fluctuations between this level and $0.05.

Its price did not do much for the rest of 2020, but it finally started to see some real activity as soon as 2021 kicked off.

HBAR price skyrockets in 2021

As soon as 2021 started, HBAR price took off without a warning. Fueled by the rally led by Bitcoin and many other coins that quickly started joining in, Hedera went from $0.03 on January 1st to $0.4 by March 15. This was the result of a nearly uninterrupted price surge, but the resistance at $0.4 proved to be quite powerful.

Between March 15th and April 13th, Hedera’s price attempted to breach it no less than three times. However, the first two times when it tried it, it was rejected to $0.3. After the third time, it got knocked down to $0.25, and after a brief attempt to bounce back up, it got caught up in the mid-May price crash, which forced it down to its new bottom at $0.20.

Around July 20th, however, the price saw another opportunity to grow, and this time, it actually managed to skyrocket way past the resistance at $0.4, eventually reaching $0.5. This was, and still is its all-time high, as it got rejected following this milestone, and it got back down to $0.35 around September 28th.

The price then surged again over the course of the next month and a half, managing to climb back up to $0.45 by November 12th. Unable to proceed, and caught up in another bearish wave, the price eventually crashed again, and once more, it found itself at the bottom. The new bottom was at $0.25 — a bit higher than the last one, but this was more than enough to allow the coin to bounce back up again.

This latest surge took place over the last 10 days, which allowed Hedera to go from $0.25 to $0.35. While this level is currently preventing HBAR from progressing further, reaching it still represents a 25% increase in the last week, and as long as the market continues to grow, HBAR price will have its chance at breaching the resistance and potentially reclaiming its former levels, and potentially its ATH.

To learn more about this token visit our Investing in Hedera guide.