Hedera (HBAR) is a leading cryptocurrency project focused on creating an energy-efficient layer-1 blockchain fit for enterprise purposes. Now, the price of HBAR has risen by an impressive 8% in a single day. Could this be the momentum needed to push HBAR to $1?

Hedera aims to be the blockchain of the future. While many networks exist, most are either inefficient or insecure. However, Hedera provides investors with a highly secure network that offers low fees, fast settlement time, and excellent throughput.

In addition to its merit as a transactional cryptocurrency, Hedera has smart contract functionality similar to Ethereum. This means that developers can take advantage of the network's efficiency. With so many developers looking for lower-cost solutions, the Hedera ecosystem has grown significantly since its release, likely helping to bolster the asset's price.

While the asset had been in a downward trend following a strong move in July, things seemed to stabilize at $0.058 prior to an attempted breakout toward the $0.074 region. However, there was not enough momentum to sustain this breakout, leading the price of HBAR to retrace to its previous level.

Since mid-September, the price of HBAR had been hovering at around $0.058 with many investors speculating that the asset was consolidating prior to a sharp upward move. Now, it seems that move has arrived. Over the past day, HBAR jumped in value by around 8%, pushing the asset back toward $0.063.

With this level aligning with a key support region for HBAR, we could see some impressive moves coming in the near future. With that said, it's important to understand that for HBAR to retain this level, it will need a confirmed daily break above $0.062.

With HBAR trading for just