The sentiment across the digital asset market appears to be on the rise, with Hedera’s performance showing a potential 22% increase.
Currently, HBAR has witnessed an 8% price surge, attracting considerable attention from both traders and investors.
Outflow of $14 million worth of HBAR
According to data from Coinglass’s Spot Inflow/Outflow metrics, exchanges experienced a notable outflow of $13.9 million in HBAR over the last 24 hours.
This suggests a strong bullish sentiment among long-term holders who seem to be confident in the asset’s future.
The outflow indicates a probable accumulation phase by long-term holders who are moving their assets from exchanges to personal wallets. Moreover, it signifies potential buying pressure and a significant upward trend.
Bearish Sentiment among Intraday Traders
Conversely, intraday traders seem to have a bearish outlook. The Long/Short Ratio for HBAR stands at 0.89 currently, indicating a bearish sentiment among traders.
Despite this data indicating that 53% of top traders have short positions and 47.2% have long positions, it appears that investors are optimistic while traders hold a slight bearish perspective.
Price Forecast for HBAR and Current Market Momentum
At the moment, HBAR is trading around $0.364, showing an increase of over 8.50% in the past 24 hours. The surge in trading volume by 60% during this period reflects strong interest from both traders and investors.
This surge in activity follows a successful retest of a bullish symmetrical triangle pattern by HBAR.
Although facing resistance near $0.378 on the daily chart, the coin has formed a large green candle and a bullish engulfing pattern, indicating robust bullish momentum for potential upward movement.
Based on past price trends, breaking above the $0.378 resistance and closing a daily candle at that level could potentially lead to a 22% surge, reaching its all-time high of $0.465 in the near term.