Analysis: Hedera Hashgraph – Is HBAR’s Price Rally Expected to Continue?
Despite operating relatively under the radar, Hedera Hashgraph (HBAR) has recently witnessed a surge in interest from investors. This newfound attention has propelled HBAR to the list of top trending cryptocurrencies on various social media platforms, indicating a potential shift in sentiment towards this project.
One significant factor contributing to this surge in interest is the Hedera network’s recent achievements, notably surpassing the 70 billion transaction milestone at an impressive pace compared to its peers. These milestones, coupled with a resurgence in bullish demand for HBAR, have breathed new life into the cryptocurrency after a prolonged bearish period that started in April.
Following a recent price correction that saw HBAR find support around $0.047, the cryptocurrency has experienced a notable uptick, currently trading at $0.057 with an 18% increase over the past week. The money flow indicator for HBAR has also shown a substantial liquidity influx, hinting at the possibility of a sustained recovery rally.
Chart analysis further reveals that HBAR recently tested a significant long-term ascending support level, with sell pressure easing after interacting with this key support line. Historical data suggests that previous interactions with this support have led to substantial price increases in the past.
Prospects for HBAR’s Continued Rally
An examination of data from Hyblock Capital indicates a notable surge in buying volume in mid-September, coinciding with the initiation of the current rally. This surge was accompanied by an increase in long positions, further supporting the bullish outlook for HBAR.
Additional spikes in buying volume and long positions observed throughout late September suggest growing investor confidence in HBAR’s potential upside. The renewed interest at this pivotal juncture indicates a shift towards bullish sentiment in the market, with investors eyeing further price gains.
Overall, the confluence of positive social sentiment, increasing buying volume, and a surge in long positions underscores the potential for HBAR to sustain its current rally. If these trends persist, HBAR could be poised for a significant relief rally in the near term.