The price of Hedera Hashgraph rose for the third day in a row as the Santa Claus rally returns in the cryptocurrency market.

Hedera Hashgraph (HBAR) to $0.3300 on Christmas Eve, up more than 30% from last week's low.

This recovery occurred alongside the recovery of other popular altcoins. Other top performers include Helium (HNT), Jasmi Quinn (JASMY) and fitchin (Veterinarian).

There was no Hedera-specific news to fuel the jump. As such, the most likely reason for the rally was based on sentiment and technicals. Hedera sentiment improved among traders after Canary Capital filed for the top position in the Hedera ETF in November.

Eric Balchunas, senior ETF analyst at Bloomberg, predicted that the SEC would easily be able to... Approval of the HBAR Fund. He said the agency did not classify HBAR as a security as it did with other tokens such as Solana and Ripple.

Hedera's rebound also occurred after futures open interest fell to $209.7 million on December 22 from last month's high of $460 million. Most coins often rebound when open interest and sentiment among traders decline.

Hedera Hashgraph price has formed two bullish patterns

The most likely reason behind the HBAR price rebound is what crypto.news predicted Last week. In this report, we observed that the coin formed a double bottom pattern at $0.2350, and the neckline was at $0.3310, its swing high on December 13. This bottom is usually a sign that bears are afraid to place short sales below this price. .

Hedera also formed a falling wedge chart pattern, which is shown in purple above. The upper side of this pattern connects to the high on December 7, 18 and 20. The underside of this wedge connects to the major bearish fluctuations this month. A falling wedge often leads to more gains.

HBAR price also formed a bullish flag pattern, consisting of a long flag bar followed by a triangle pattern.

Hedera also remained above its 50-day moving average, suggesting that the bulls are still in control as it pulls back. It has now formed the Three White Soldiers candlestick pattern, which features three consecutive candles.

Therefore, the outlook for HBAR price is bullish, and the next point to watch is the year-to-date high of $0.40, which is 20% higher than the current level.