Hedera

Date: Mon, Nov 18, 2024, 04:47 PM GMTIn a striking move, Hedera (HBAR), the decentralized and open-source proof-of-stake ledger platform, has stolen the spotlight in the cryptocurrency market. This comes as the token extends its remarkable rally and surges by over 50% in the last 24 hours, climbing to its current price of $0.1364.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/869352d4f0b944dc854da2fd4d483b84.png" />Source: CoinmarketcapAlongside this surge, Hedera&#39;s market capitalization has jumped from $3.36 billion to $5.14 billion, and its trading volume has skyrocketed by an impressive 283%, reaching $2.27 billion within the same period.<h3 id="board-member-emerges-in-sec-chairman-speculation">Board Member Emerges in SEC Chairman Speculation</h3>The primary catalyst behind today&#39;s rally is speculation that Brian Brooks, a board member of Hedera Hashgraph, is being considered as a potential candidate for the role of Chairman of the US Securities and Exchange Commission (SEC), as reported by <a href="https://x.com/Cointelegraph/status/1858467992775921940" rel="noopener noreferrer nofollow">Cointelegraph</a>. This development has fueled optimism among investors, driving strong bullish momentum.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/53590ec1b58945b18aafe446e88be3f0.png" />Source: &#64;Cointelegraph (X)<h3 id="can-the-uptrend-hold">Can the Uptrend Hold?</h3>At the time of writing, HBAR is trading at $0.1403, a level that aligns with a key support zone. The chart highlights two possible scenarios from this point:<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9ecd44d9efcc4832a3a544dac5c73c5f.png" />1.Bullish Case:If HBAR holds above the current support level, it could extend its rally toward the resistance trendline, which lies around $0.17-$0.18. Breaking this level could signal continued bullish momentum and further price discovery.2.Bearish Case:A failure to maintain the current support level could lead to a retracement, with the next significant support located around $0.12. From there, HBAR could potentially recover and retest the resistance trendline.The RSI indicator, currently at an overbought level of 92.30, suggests caution as the asset could face consolidation or a minor pullback before resuming its uptrend.<h3 id="what-s-next-for-hbar">What’s Next for HBAR?</h3>While the speculation around Brian Brooks&#39; potential SEC Chairmanship adds a significant boost to market sentiment, traders should watch for key price levels and confirm breakout or retracement patterns. A close above $0.15-$0.16 on strong volume would be a positive signal for further gains.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/bitttensor-tao-dips-to-key-support-level-amid-correction-what-to-expect-ahead/" rel="noopener noreferrer nofollow">Bitttensor (TAO) Dips to Key Support Level Amid Correction: What to Expect Ahead?</a>

Hedera (HBAR) Rallies as Board Member Emerges in SEC Chairman Speculation: Can the Uptrend Hold?

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