HBAR Price Rises 20% After $230 Million Inflow From Traders in One Week

HBAR, the native cryptocurrency of the Hedera network, has significantly increased by 20% in the past 24 hours, reaching a 5-month high.

This price increase occurred after a period of sustainable growth, driven by positive market sentiment and increased activity in the derivative market.

HBAR receives support from traders

In the past week, HBAR's open interest (OI) increased by 77%, from $296 million to $526 million. This $230 million increase shows growing interest from traders wanting to leverage HBAR's recent performance. The positive funding rate further reinforces this trend, with long-term contracts outperforming short-term contracts.

The increase in open interest, combined with continuous price appreciation, indicates that market participants are increasingly confident about HBAR's future prospects. Investors are taking advantage of favorable market conditions, adjusting their positions to profit from this sustainable upward trend.

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Considering broader technical indicators, HBAR's momentum is also supported by a 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 a Death Cross that lasted over a month.

This positive change indicates that the existing downward trend is reversing. This technical development could signal a solid foundation for further price increases in the coming weeks.

HBAR price remains stable

The current price of HBAR is $0.284, reflecting a 20% increase in the past 24 hours. This altcoin has successfully established a strong support level at $0.267, which is crucial for maintaining recent gains. Checking this price level as a support floor will help stabilize the market and provide a foundation for further growth.

With positive developments in market sentiment and technical indicators, HBAR is well-positioned to continue its upward trend. A push beyond the resistance level of $0.314 would bring this altcoin closer to the $0.375 mark. This would signal a continued price increase, driven by growing investor confidence and positive market conditions.

However, sell-off risks remain. If HBAR experiences profit-taking from investors, the price could drop back to the $0.267 support level. If this support is lost, HBAR could fall to as low as $0.241, invalidating the price increase argument and signaling a reversal of recent gains.