Hedera Hashgraph price has stabilized, and a unique chart pattern on the daily chart indicates a potential bounce.

Hedera Hashgraph (HBAR) for two consecutive days, reaching a high of $0.3140, its highest level since January 7. The token is still about 600% above its 2024 low, with a market cap of more than $11.3 billion.

HBAR's recent performance has been driven by investor expectations for SEC approval of exchange-traded funds. Canary, an emerging fund manager, has applied for... HBAR-focused ETFsSome analysts believe there is a strong chance of approval.

In a report released Tuesday, JPMorgan predicted that the Securities and Exchange Commission, now led by Paul Atkins, is likely to approve cryptocurrency funds. The report indicated that Ripple (XRP) and Solana (Sol) as examples of assets that could attract multi-billion dollar inflows. Approval of these funds could pave the way for the Hedera Spot ETF.

Meanwhile, the total value locked in the Hedera Hashgraph ecosystem continued to rise in USD terms. The network currently holds approx 180 million dollars In assets, led by protocols such as Stader, SaucerSwap, Bonzo Finance and Heliswap. The market cap of the stablecoin has risen to $11 million.

Hedera is often seen as a faster and more cost-effective alternative to Ethereum (Ethereum). The network's board includes major companies such as Tata, Abrdn, Worldpay, IBM and Dell.

The price of Hedera Hashgraph may rise soon

The daily chart shows that HBAR remained in a narrow range after peaking at $0.3922 in November. The token has formed a symmetrical triangle pattern, which is a key part of a bullish pennant pattern, which is a popular continuation signal.

HBAR is trading above the 50-day EMA and has reached the final resistance level of the Murrey Math Lines. It also lies between the 61.8% and 78.6% Fibonacci retracement levels, indicating a consolidation phase.

The chart indicates that HBAR is likely to see a strong bullish breakout. The next key level to watch is $0.3920, which was the high for the token on December 3. A move above this level could see further gains, with the psychological target set at $0.50, which represents a 68% upside from the current price.