Hedera: A 101% Volume Increase Could Be the Catalyst for HBAR’s Rally
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- 69.9% of top HBAR traders on Binance are holding long positions.
- HBAR’s RSI remains below the overbought zone, suggesting there is still significant room for further upside.
Hedera [HBAR] is making headlines in the cryptocurrency market due to its recent bullish momentum and breakout from key price patterns.
The sudden shift in market sentiment comes ahead of a crucial political event set for January 20, 2025, fueling HBAR’s impressive rise over the last day.
According to data from CoinMarketCap, HBAR has experienced a substantial increase of 16% within the past 24 hours and is trading around $0.345.
This surge also corresponds with trader enthusiasm and trust, evident by a staggering 101% jump in trading volume during this same timeframe.
HBAR Price Action and Technical Analysis
This surge has captured considerable interest among investors and traders alike. It signifies a breakout from an extended period of consolidation within a symmetrical triangle that HBAR had established on its daily chart.
The breakout suggests that the altcoin may be positioned for substantial upward movement following this trend change.
AskFX’s technical analysis indicates that HBAR has not only surpassed the symmetrical triangle pattern but also breached resistance levels that previously constrained its upward journey. Based on recent price trends, maintaining above $0.34 could lead to an additional 35% gain for HBAR.
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Despite strong bullish activity, HBAR’s Relative Strength Index remains below overbought territory; suggesting potential for substantial growth ahead.
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According to CoinGlass: A noteworthy 70% of top traders maintain long positions.
This positive outlook is drawing considerable focus from day traders.
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According to Binance’s data on the HBAR/USDT ratio shows a long-to-short ratio at 2.32 indicating that there are more than two long positions currently held per each short position.
Is your portfolio seeing gains? Try out our Hedera Profit Calculator.
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