Snoop Dogg Partnership Sends Hedera’s HBAR Up 26.7%, Analysts Predict $0.40 by March 2nd

• HBAR surged 7.5%, breaking past the $0.20 resistance and trading near $0.23.
• Snoop Dogg’s partnership with Tune.FM boosts confidence in Hedera’s ecosystem.
• Market participants expect a potential rally toward $0.40 by early March.

Hedera token, HBAR, has jumped by 26.7% in the past day, pushing it past a crucial $0.20 resistance level. HBAR now trades at $0.2312, improving its weekly gains to 7.2% after the massive dip from the previous days.

During the dip, its chart pattern formed a double bottom. Now, HBAR’s breakout from this bullish pattern suggests further upside potential, with technical analysts forecasting a possible rally to $0.3 in the coming days.

HBAR’s Price Surge and Market Sentiment

The market response to HBAR’s price action has been overwhelmingly positive. Trading volume has spiked by 55% in the past day, reflecting a surge in investor participation. On-chain data from Coinglass reveals HBAR has recorded a net positive flow of approximately $7.68 million in the past day.

Derivatives Market Activity

Meanwhile, trading activities in the derivatives market are also increasing. According to Coinglass, trading volume has surged by 54.73% to $555.99 million. Open interest has also increased by 29.84% to $183.67 million.

Notably, the Binance HBAR/USDT Long/Short Ratio stands at 1.3438, while OKX HBAR Long/Short Ratio is 1.3, indicating a bullish bias among traders. In contrast, liquidation data reflects heightened volatility. A total of $1.21 million has been liquidated over the past 24 hours. This includes $520.79K in longs and $689.93K in shorts. 

Related: Canary Capital’s HBAR ETF: Nasdaq Filing Signals Approval Push

Snoop Dogg, Tune.FM, and the HBAR Rally

HBAR’s recent breakout aligns with news that Snoop Dogg has partnered with Tune.FM, a decentralized music streaming platform built on Hedera. The move has boosted confidence in the Hedera network’s ecosystem with Tune.FM’s native token, JAM, rising 222% following the announcement.

Snoop Dogg’s exclusive release of music on Tune.FM has put the spotlight on blockchain-based music streaming. It claims to offer 100x higher revenue for artists than traditional platforms. As Hedera is at the center of this initiative, HBAR’s recent price surge could be partially driven by increased adoption interest.

Related: XRP & HBAR “Massive” Rallies Possible as Whales Accumulate: Analyst

HBAR Price Targets

If HBAR maintains support above $0.20, market participants expect a potential rally toward $0.25 by early March. Some commentators suggested $0.40 could be in the works, too. 

Conversely, failure to hold this level could lead to a retest of lower supports around $0.195 before another attempt at a breakout.

With on-chain accumulation increasing and bullish technical indicators, this month could be promising for HBAR provided current momentum continues. Notably, this token has flipped Stellar, Chain Link, and Litecoin to rank as the 11th largest cryptocurrency with a $9.6 billion market cap.