HBAR stock rose 20%, driven by a new partnership in the RWA token market and rumors of an upcoming HBAR ETF.

ivy (HBAR) rose for four straight days to reach a 38-month high of $0.399 on January 17, with its market value briefly surpassing Stellar Lumens (XLM) before settling at $14.5 billion at press time.

HBAR's recent gains have been accompanied by a surge in activity and demand among traders, as reflected in a doubling of its trading volume to more than $2.65 billion in the past 24 hours and a 25% rise in open interest in the futures market, to $562.46 million over the same period.

Several catalysts helped fuel HBAR's rise and will likely extend gains in the coming weeks.

Firstly, the project has expanded its presence in the RWA encoding sector, as highlighted by its latest project partnership With gem certification giant Global Gemological Institute and luxury company Web3 fintech Vaultik to tokenize about $3 billion worth of diamonds and other luxury items on the Hedera blockchain.

HBAR has also benefited from speculation about the HBAR spot exchange-traded fund being approved by the SEC under the incoming Trump administration.

It is worth noting that Canary, the fund manager, has already done so foot As for ETFs focused on HBAR, some analysts believe it has a stronger chance of approval in 2025, ahead of other funds such as Ripple, Solana, and... Litecoin.

Meanwhile, Hedera's distributed ledger technology was recently Spread out In the next generation digital identity platform WISeKey satellites, which were launched on a SpaceX rocket, adding to bullish investor sentiment.

Hedera's growing popularity as a cheaper alternative to Ethereum and recent developments have also caught the attention of whales. Data from HederaWatch reveals an uptick in accounts containing between 100,000 and 10 million HBAR.

analysis

Regarding bullish technicals, on the 1-day HBAR/USDT price chart, the MACD line (blue) has crossed the signal line (orange), with both pointing upward. This is a sign that the strength of the trend is still strong.

HBAR price is also placed above the Supertrend line, confirming that the bulls are in control.

Meanwhile, the 50-day EMA remained above the 200-day EMA, meaning there is potential for further gains. Furthermore, a look at the RSI shows that the altcoin has not yet reached overbought levels.

Analysts at crypto.news have previously done so I mentioned The HBAR daily chart has formed a bullish flag pattern, which is a strong bullish signal in technical analysis.

Based on these indicators, the altcoin is likely to rise to $0.45, a level it has not breached since November 2021, and a breach of this level could send it rising towards the psychological resistance level at $0.50.

In addition to the above reasons, HBAR rise can also get additional support from A Strong rise in Bitcoin Before Trump's inauguration on January 20.

At press time, HBAR was still up 11.9%, trading at $0.3724 per coin.