Key Takeaways
- Hedera (HBAR) has experienced a notable 6.5% increase over the past 24 hours, now trading in excess of $0.12.
- The cryptocurrency is poised for a potential rally towards $0.145, largely driven by increasing inflows into Exchange-Traded Funds (ETFs).
ETF Inflows Enhance HBAR’s Market Sentiment
The native token of the Hedera blockchain, HBAR, has demonstrated a robust performance with a 6.5% appreciation within the last 24-hour period, currently positioning itself at approximately $0.123 per coin. This elevation in value positions HBAR among the top performers within the upper echelons of the cryptocurrency market, specifically among the thirty largest digital assets by market capitalization.
This surge in price can be attributed to an uptick in institutional demand for Hedera’s offerings. Notably, data from SoSoValue indicates that Hedera spot ETFs have recorded an impressive inflow of $817,770 as of Tuesday, marking the third consecutive day of positive inflows since the previous week.
Should these inflows continue to escalate, HBAR stands to benefit from an extended price rally. Additional insights from CryptoQuant reveal that significant whale orders have emerged within HBAR’s spot and futures markets, suggesting a bullish outlook for the asset’s performance.
Furthermore, data from CoinGlass reflects a long-to-short ratio for HBAR of 1.06 as of Wednesday, representing the highest level observed in over a month. A ratio surpassing unity indicates prevailing bullish sentiment within the market, with a greater number of traders opting to take long positions rather than short.
Potential for Price Advancement Towards $0.145
An analysis of the HBAR/USD four-hour chart reveals a bullish trajectory following Hedera’s successful breach above the $0.12 threshold earlier this year. As of the current evaluation, HBAR is approaching the critical resistance represented by its 50-day Exponential Moving Average (EMA) situated at approximately $0.127.
If bullish momentum persists and the daily candle for HBAR closes above this 50-day EMA, it could pave the way for further gains towards a resistance level near $0.145. An extended upward movement could potentially enable HBAR to retest the upper trendline boundary of its wedge pattern, projected around $0.152.
The Relative Strength Index (RSI) on the four-hour chart currently registers at 58, indicating that bullish momentum is gaining traction as it remains above the neutral threshold of 50. Additionally, the Moving Average Convergence Divergence (MACD) indicator displays a persistent bullish crossover, further reinforcing positive sentiment.
Conversely, should HBAR experience a corrective phase, it may retrace towards significant weekly support levels beneath the $0.10 mark.
