- HBAR surged 17%, breaking resistance with bullish momentum building further.
- Trading volume rose 123%, signalling strong investor interest and confidence.
Hedera (HBAR) is making headlines with a remarkable price surge, as the cryptocurrency trades at $0.3925, reflecting a 17% gain in the past 24 hours. The trading volume during this period skyrocketed by 123%, hitting a 43-day high of $0.40139 earlier today. Over the past month, HBAR has surged by 35%, showcasing impressive bullish momentum.
This surge comes amid heightened anticipation ahead of a significant political event slated for January 20, 2025, which appears to have shifted market sentiment in favour of the cryptocurrency.
Meanwhile, From a technical standpoint, HBAR’s recent breakout from a symmetrical triangle pattern on the daily timeframe has caught the attention of traders and investors. This breakout signals a potential end to a prolonged consolidation phase and hints at further upside momentum. The altcoin’s breach of a key resistance level adds to its bullish outlook, with technical indicators suggesting room for additional gains.
According to analysts, if HBAR maintains support above the $0.34 level, it could potentially rally by another 35%, reaching the $0.465 mark. Furthermore, the Relative Strength Index (RSI) remains below the overbought threshold, indicating that the asset still has the potential for significant upward movement.
Why Traders Are Bullish On HBAR?
On-chain data underscores the bullish sentiment. It reports that 69.9% of top traders on Binance are holding long positions, with the HBAR/USDT Long/Short Ratio standing at 2.32. This highlights the strong confidence among traders in the asset’s potential for further appreciation.
As Hedera continues to gain traction, its recent breakout and increasing investor confidence signal a bright outlook for the cryptocurrency. Whether this momentum sustains will depend on its ability to hold key support levels and market dynamics in the coming days.
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