In the past 24 hours, HBAR has experienced a 3.34% increase in value, adding to a recent 6.86% uptrend. This sustained growth hints at the possibility of further price hikes in the foreseeable future.
Recent analysis suggests that HBAR could potentially rise by up to 37% or more if it manages to surpass the key resistance level currently in play.
Key Resistance Level Marks the Final Barrier for HBAR’s Potential Rally
Presently, HBAR appears to be trading within an inverted head-and-shoulders pattern, which often serves as a reliable indicator of an imminent uptrend.
However, for this bullish momentum to manifest, HBAR must successfully breach the critical resistance level, known as the neckline. Breaking through this level could drive the cryptocurrency’s value up by 37.89%, reaching approximately $0.429.
While there is a possibility of a temporary price stall for HBAR before conquering the resistance level, technical indicators strongly suggest a probable upward movement.
Signals Point Towards Growing Buying Interest
The Parabolic SAR indicator has positioned its dotted markers below the price candles of HBAR, indicating heightened buying activity and a greater chance of an upcoming rally.
Continued appearance of these markers beneath the price candles signifies ongoing upward momentum, potentially leading to new peaks as HBAR approaches its price target.
Similarly, the Bull Bear Power (BBP) indicator has shown six consecutive green histogram bars, suggesting that bullish traders are the primary drivers behind HBAR’s recent uptick.
Further increase in the number of bullish histogram bars would bolster expectations of a continued price surge, reflecting heightened confidence in the upward trajectory of HBAR among traders.
Increased Underlying Buying Pressure
In the last day, HBAR has witnessed a significant rise in Open Interest (OI). Data from Coinglass revealed a 9.90% surge, bringing total OI to $269.71 million.
This surge typically indicates an increase in unsettled derivative contracts linked to HBAR. Coupled with the cryptocurrency’s 3.34% price increase and a positive funding rate, it signifies that most of these contracts are held by long positions.
The funding rate, currently at 0.0125%, indicates a relatively high value showing robust bullish trader confidence and a higher likelihood of sustained upward price movement.
Nevertheless, positive exchange netflows have momentarily hindered HBAR’s breakthrough above the resistance neckline at the time of writing.
Recent data from Coinglass indicates that $1.79 million worth of HBAR was transferred to exchanges, signaling selling activity that has slowed down the rally.
If netflows turn negative, indicating traders moving assets away from exchanges for long-term holding, HBAR could resume its upward path and potentially breach the critical resistance level.