HBAR is on the cusp of a potentially exciting price rally, recently indicating signs that it could approach significant new highs. In just the past 24 hours, HBAR has impressively climbed by 3.34%, building upon its previous gain of 6.86% over recent weeks. This upward momentum showcases strong growth trends, hinting at the possibility of further price increases ahead.
Currently, HBAR appears to be forming an inverse head-and-shoulders pattern. This classic formation often foreshadows an upward movement. However, to break free from its current limits, HBAR needs to conquer a key resistance level—commonly known as the neckline. Analysts believe that breaking through this level could push HBAR’s price up by about 37.89%, aiming for approximately $0.429.
While bullish sentiment grows, there’s a chance of temporary stall as HBAR approaches this resistance. Nevertheless, technical indicators suggest that an upward movement is on the horizon. The Parabolic SAR has positioned its dotted markers beneath HBAR’s price candles, signaling increased buying activity and a stronger likelihood of a rally. Continued appearances of these dots beneath the candles could indicate sustained momentum for HBAR, paving the way for new highs.
Adding to this positive outlook, the Bull Bear Power (BBP) has shown six consecutive green histogram bars. This spike indicates that bullish traders are leading the charge in HBAR’s recent growth. Should this trend press on, it would feed into expectations of ongoing price hikes, further boosting trader confidence about HBAR’s future.
Moreover, over the past day, HBAR has witnessed a notable rise in Open Interest (OI). Data from Coinglass highlights a 9.90% increase, pushing the total OI to $269.71 million. This surge typically indicates a rise in unsettled derivative contracts associated with HBAR. Coupled with a 3.34% increase in price, the positive funding rate solidifies the bullish sentiment, showing that most traders are leaning towards long positions.
However, HBAR’s breakout above the resistance neckline faced a slight delay due to positive exchange netflows. Recently, approximately $1.79 million worth of HBAR moved to exchanges, signaling selling activity that tempered the rally’s pace. Should these netflows switch to a negative trend, indicating that traders are holding on to their assets instead of selling, HBAR could regain its momentum and achieve the much-anticipated breakout above this critical resistance level.
As HBAR navigates these pivotal moments, many traders are left wondering if this asset is on the brink of a game-changing rally. Keeping an eye on not just the price action but the volume and sentiment will be crucial in the days to come.
