HBAR price rose by 2.4% today, Oct. 24, mirroring the performance of the crypto market after the September inflation report. Hedera token’s rebound may continue in the coming days after the developers made a major staking announcement.
HBAR Price May Rebound After a Major Staking Move
HBAR token has jumped by 67% from its lowest level this month. One potential catalyst for the rally is the encouraging US inflation report. Data shows that the headline CPI rose from 2.9% in August to 3.0% in September, lower than the median estimate of 3.0%.
The inflation report means that the Federal Reserve may deliver the second interest rate cut of the year next week. Such a cut will benefit risky assets like cryptocurrencies and stocks.
Meanwhile, Hedera Foundation moved 250 million HBAR tokens to the 0.0.800 staking account. At the current price, these tokens are worth over $40 million and will be distributed to HBAR stakers.
Account 0.0.800 is a unique feature in the Hedera network since it is designed to hold and automatically distribute tokens to eligible staked accounts. It is a key part of Hedera’s proof-of-stake approach. As such, there is a possibility that investors will buy HBAR for the expected staking.
HBAR price has other potential catalysts that may boost its performance in the near term. For one, the Securities and Exchange Commission (SEC) may approve the Canary HBAR ETF that was filed last year once the government shutdown ends. Such a move would be bullish as it would lead to more demand from American investors.
The other major catalyst for the token is the growing stablecoin growth in its ecosystem. The market cap of all stablecoins in the network jumped by 92% in the last 7 days to $172 million.
Hedera Price Inverse H&S Pattern Points to a Rebound
The four-hour chart shows that the HBAR price has soared from the year-to-date low of $0.100 on October 10 to $0.1680 today. This rebound has aligned with that of most altcoins, including Solana and Cardano.
A closer look shows that the token has formed an inverse head-and-shoulders pattern. The head is at $0.1547, while the two shoulders are at $0.1630. It is now nearing the slanted neckline.
Hedera price has moved above he 50-period moving average, while top oscillators are pointing upward. Therefore, the most likely Hedera Hashgraph price forecast 2025 is bullish, with the next key resistance point to watch being at $0.2550, up by 50% from the current level.
The bullish outlook will become invalid of the HBAR token crashes below the key support at $0.1547.
