Hedera Hashgraph (HBAR) has witnessed a robust recovery, breaking through the $0.52 resistance level with a price increase of over 10% in the last seven days.
Indicators Show Growing Interest in HBAR Amid Bullish Trend. Hedera Gains from the Recent Market Rally, with Bitcoin Surpassing $35K. However, Bitcoin’s Momentum Has Slowed, and It’s Now Around $34K.
HBAR 7-day chart on Coinmarketcap
Hedera’s Indicators Signal Positivity. The Relative Strength Index (RSI) shows it’s in the overbought region, indicating a strong upward trend and high buying demand.
Additionally, the Chaikin Money Flow (CMF) reveals significant capital entering the Hedera ecosystem, remaining positive at +0.13. This suggests that bulls might aim for a 10% increase, targeting the $0.057 – $0.059 range for profit-taking.
However, if there’s sudden selling pressure due to profit-taking, HBAR could test a new support level before potentially rebounding. The coin’s future price movements are likely to follow the broader cryptocurrency market trends.
Bullish Signals for HBAR
Hedera shows promising signs as it maintains a positive funding rate, indicating a prevalence of long positions in the short term. Additionally, the cryptocurrency’s Open Interest remains high, despite a slight drop at the moment.
Furthermore, Hedera is gaining recognition and adoption. For example, the market data oracle Pyth Network has introduced an HBAR/USD price feed on 40 different blockchains.
The Pyth Network is excited to release its HBAR/USD price feed$HBAR is the native token of @hedera — an enterprise-grade public network
The Pyth HBAR/USD price feed is now available on 40 blockchains pic.twitter.com/LRZOAh3qzF
— Pyth Network 🔮 (@PythNetwork) October 27, 2023
Hedera demonstrated its forward-thinking potential as FedNow integrated Hedera’s Dropp for instant transactions. However, potential HBAR buyers should be alert to any bearish movements that could delay or hinder the anticipated price increase.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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