Hedera Price Spikes 147% in a Week as HBAR Board Member is Nominated for SEC Chair – Is $1 the Next Reach?

Highlights:

• Hedera (HBAR) price spikes 25%, hitting $0.14 as trading volume soars.
• The recent spike comes as HBAR board member and former Binance US CEO Brian Brooks is named a potential candidate for SEC chairman.
• The Hedera technology is also contributing to the WISeSat space satellite launch.

Hedera price is the star of the day, with a jaw-dropping 25% spike in the past 24 hours, trading at $0.14. Bulls are clearly in control, as its daily trading volume skyrockets 139% to $3.38 billion, suggesting high demand in the market. HBAR now boasts a whopping 147% surge in a week, 166% in a month, and 129% in a year. 

What’s Driving HBAR’s Rally?

The recent price surge comes as HBAR board member and former Binance US CEO Brian Brooks is named a potential candidate for SEC chairman. With Trump’s promise to fire Gary Gensler, the current SEC chairman, the hunt is on for the next leader. In that, the Hedera Board Member Brian Brooks is raising excitement among Hedera holders, resulting in a 25% surge in the HBAR price.

BREAKING: The $HBAR Board Member and former Binance US CEO Brian Brooks has been named a potential candidate for SEC chairman. 🔥🤯

BRIAN BROOKS IS AN ABSOLUTE G!

We need someone like him as SEC Chair.

HBAR WOULD EXPLODE! pic.twitter.com/XFkie4k00G

— MASON VERSLUIS (@MasonVersluis) November 18, 2024

Additionally, Hedera’s collaboration with major companies like the Nairobi Securities Exchange and Kenya’s primary securities exchange is putting it in the spotlight. The Hedera technology is also contributing to the WISeSat space satellite launch, which will happen in January 2025. This groundbreaking mission will make the world’s first exchange directly from space in collaboration with SpaceX. This will secure satellite communication and blockchain integration.

🌌 https://t.co/4JUG5nFUGw Makes Headlines on Swiss Radio Television! 🚀

We’re thrilled to share that our upcoming https://t.co/4JUG5nFUGw satellite launch in January with @SpaceX has been featured by @RadioTeleSuisse Swiss Radio Television! https://t.co/tOz18s8MYg

This…

— Carlos Creus Moreira (@CreusMoreira) November 15, 2024

Hedera Statistical Data

Based on CoinmarketCap data:

• HBAR price now – $0.1418
• Trading volume (24h) – $3.38 billion
• Market cap – $5.35 billion
• Total supply – 50 billion
• Circulating supply – 37.69 billion
• HBAR ranking – #26

HBAR Bulls Counter Consolidation Breaking Out Bullishly

After a prolonged period of consolidation, with the Hedera price oscillating between $0.04 and $0.05, the token has broken out in upward momentum. This consolidation phase acted as an accumulation period, as the price went into an explosive rally, reaching a high of 0.1566, representing a phenomenal one-day gain of 27.62%. This was not an anomaly surge since the movement marked a shift in the market, with HBAR slashing through crucial resistance points.

Meanwhile, the Golden Cross in the market reinforces the bullish outlook, as the short-term MA has crossed above the long-term MA—the $0.05 and $0.07 act as immediate support levels, steadying the upward momentum in the market. 

Looking at the Relative Strength Index(RSI), it might be cooling off after shooting to the overbought region at $84.41 before retracing to 68.13. This slight correction in the market may allow the bulls to sweep through liquidity before a substantial rally. In the meantime, the odds still tilt toward the buyers, painting the Hedera market as bullish. 

The Moving Average Convergence Divergence (MACD) calls for traders to rally behind Hedera. This is manifested by the northbound MACD, which pulls away from the orange signal line and delays the sell signal. 

How High Can Hedera Price Go?

The Hedera price boasts a bullish outlook as it gains a spotlight in the crypto market. If the bulls build momentum, capitalizing on the Golden Cross, the price could rally at this level, reaching the $1 mark soon. Conversely, the price could drop further if the correction in the Hedera market is bolstered. In such a case, the 0.08 support level will cushion against further downside.