HBAR Price Jumps 20% as Traders Pour $230 Million In a Week

HBAR, the native cryptocurrency of the Hedera network, has experienced a significant 20% price jump over the last 24 hours, reaching a 5-month high. 

This surge in value comes after a period of sustained growth, driven by both positive market sentiment and increased activity in the derivatives market.

HBAR Finds Support From Traders

In the past week, HBAR’s open interest (OI) has surged by 77%, rising from $296 million to $526 million. This $230 million jump highlights the growing interest from traders eager to capitalize on HBAR’s recent performance. The positive funding rate further reinforces this trend, as long contracts outweigh short contracts. 

The surge in open interest, combined with the ongoing price rise, demonstrates how market participants are becoming more confident in HBAR’s future prospects. Investors are taking advantage of favorable market conditions, aligning their positions to capture profits from what appears to be a sustained uptrend. 

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Looking at the broader technical indicators, HBAR’s momentum is also supported by the recent Golden Cross observed in its moving averages. The 50-day exponential moving average (EMA) recently crossed above the 200-day EMA, marking the end of the prolonged Death Cross that had dominated for over a month. 

This positive shift suggests that the bearish trend that had been in place is now reversing. This technical development could signal a strong foundation for further price appreciation in the coming weeks.

HBAR Price Is Holding

HBAR’s price currently stands at $0.284, reflecting a 20% increase over the last 24 hours. The altcoin has managed to secure a strong support level at $0.267, which is crucial for maintaining its recent gains. Testing this price as a support floor will help stabilize the market and provide a foundation for further growth.

Given the positive developments in market sentiment and technical indicators, HBAR is well-positioned to continue its uptrend. A push beyond the $0.314 resistance would bring the altcoin closer to the $0.375 mark. This would signal a continued rally, driven by growing investor confidence and positive market conditions.

However, the risk of selling remains. Should HBAR experience a wave of profit-taking from investors, the price could fall back toward the $0.267 support. If this support is lost, HBAR could dip as low as $0.241, invalidating the bullish thesis and signaling a reversal of the recent gains.