- HBAR needs to break key resistance for a potential 37% price surge to $0.429.
- Indicators show strong buying pressure, with increasing Open Interest and bullish sentiment.
- Temporary selling pressure may delay the breakout, but netflows turning negative could restart the rally.
Hadera Hashgraph has gained 3.34% in the last 24 hours, adding to a 6.86% increase in recent weeks. However, a key resistance level must be overcome for HBAR to reach $0.42. A successful breakout from this level could trigger a 37% surge, potentially sending the price to $0.429. Let’s look at what needs to happen for HBAR to break through this crucial barrier.
Overcoming Resistance: The Key to Growth
HBAR is trading within an inverse head-and-shoulders pattern, a chart formation that often signals a rally. To unlock further gains, HBAR must break through a critical resistance point, often referred to as the neckline. If this level is breached, HBAR could soar by 37.89%, reaching $0.429.
Though a temporary stall might occur before breaking through, indicators suggest upward movement is more likely. Once HBAR clears this hurdle, the price could continue to rise, with bullish momentum fueling the trend. Success here is crucial for the next phase of HBAR’s rally.
Rising Buying Pressure and Strong Indicators
The Parabolic SAR indicator shows dotted markers below HBAR’s price candles, signaling an increase in buying activity. If this trend continues, HBAR may see further upward movement, bringing the price closer to its target.
The Bull Bear Power indicator also shows six consecutive green histogram bars, suggesting strong support from bullish traders. As this number grows, the possibility of continued price hikes increases. Investors are showing confidence in HBAR’s potential.
HBAR has also seen a 9.90% rise in Open Interest (OI) in the past 24 hours, bringing the total OI to $269.71 million. This increase reflects more unsettled derivative contracts, indicating that traders are holding long positions. With a positive funding rate of 0.0125%, bullish sentiment remains high.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
