Hedera Hashgraph (HBAR) has been creating a buzz in the digital currency realm thanks to a significant increase in trading volume and a breakout of bullish price patterns.
This sudden change in market sentiment comes just before a key political event scheduled for January 20, 2025, propelling HBAR to rally notably within the past day.
Recent figures from CoinMarketCap indicate that HBAR has surged by a whopping 16% in the last 24 hours, currently hovering around the $0.345 mark.
Simultaneously, there has been a noteworthy 101% uptick in trading volume as traders and investors exhibit robust confidence and interest in HBAR.
Analysis of HBAR’s Price Movement and Technical Aspects
The sharp surge in price has garnered considerable attention from market participants, leading to a breakout from the extended consolidation phase and the symmetrical triangle pattern the coin had formed on the daily chart.
This breakout has painted a bullish outlook for the altcoin, hinting at a potential significant uptrend.
According to insights from CryptoCrypto’s technical analysis, HBAR not only shattered the symmetrical triangle formation but also breached the resistance level that was constraining its upward momentum.
Given the recent price action, sustaining levels above $0.34 could catapult HBAR by 35% to hit $0.465.
Encouragingly, HBAR’s Relative Strength Index (RSI) has not entered the overbought territory despite the evident bullish momentum, suggesting ample room for further upside potential.
Majority of Prominent Traders Favor Long Positions
This optimistic sentiment seems to be luring intraday traders, as highlighted by on-chain data from CoinGlass.
The Long/Short Ratio for Binance’s HBAR/USDT pair stands at 2.32, implying that long positions outnumber short positions by a considerable margin.
Presently, 69.9% of leading traders on Binance are holding long positions, with 30.1% opting for short positions.
When factoring in this on-chain metric alongside the technical analysis, it becomes evident that the bulls are currently in control of the asset, potentially paving the way for HBAR to achieve its predicted target in the coming days.