- HBAR’s 10% increase was contrary to the withdrawal of the wider market
- If the bullish sentiment continues to prevail, HBBer can go to $ 0.25
While the majority of the crypto market saw a slight withdrawal during the last trade session, Hedera [HBAR] Returned as one of the few assets that maintained his upward process. In the last 24 hours alone, HBAR received a considerable traction by climbing on the charts with 27%. While other Altcoins had trouble covering their positions.
HBAR’s price promotion – Persistent profits in a weak market
The latest price movement from HBar emphasized its strength against the decline of the wider market. At the time of writing it traded at $ 0.235, after the resistance had risen in the past that had previously limited his benefit.
This Bullish Push seemed to be in line with a break above the 50-day advancing average-one signal that is often associated with further profit when supported by increasing trading volume.
Source: TradingView
The price diagram indicated that if the uptrend continues, HBAR could focus on $ 0.25, which would be in accordance with previous resistance levels. However, a failure to maintain the time levels can see a retest of support of around $ 0.22. This is where the 50-day advancing average was on the press.
Volume on the chain-strong activity behind the rally?
Volumetrends on the chain offer a deeper perspective on the HBAR price action. An increase in trade volume usually indicates a greater interest of investors, which strengthens the price movement.
Recent santiment data emphasized that the volume of HBAR increased after 681.2 million – as a result of a remarkable increase in commercial activity.
Source: Santiment
This upick for the volume suggested that market participants are actively engaged in HBAR and his bullish prospects. If the volume remains high, the chance of maintaining the upward trend will also increase.
Open interest – More liquidity flows in HBar?
Another important thing to consider is a metric Open interest [OI] – A metric that follows the total number of outstanding derivative contracts.
Rising open interest is often a sign that more capital enters the market, which can lead to stronger price trends. If OI rises in addition to the price, this can refer to trust among traders and the potential continuation of the trend.
Source: Coinglass
The open interest of Hbar saw a slight peak, which means that more traders take positions in the active. This also means that speculative interest in HBAR remains strong. At the time of writing it was around $ 163 million.
However, if open interest starts to fall while the price remains raised, this may indicate weakening momentum and an increasing risk of reversal.
Will Har retain its strength?
The ability of HBar to maintain profits, while the wider market withdraws is an impressive performance, driven by positive activity on the chain, a volume and rising open interest. If the bullish sentiment continues, HBBer could push to $ 0.25 as his next key resistance.
However, traders must look forward to any decrease in volume or open interest. Especially since they can indicate a delay in Momentum.
Maintaining support above $ 0.22 will be crucial to confirm whether this outbreak has potential in the long term or whether there is a retracement on the horizon.
