Hedera’s (HBAR) recent price action has shown an upward trend, but the broader market’s lack of strong bullish cues has held it back from a significant rally.
Recent developments, such as the Golden Cross formation, could mark a turning point for the altcoin’s price movement.
HBAR Experiences Bullish Shift
The recent Golden Cross formation on Hedera’s price chart signals the potential for a strong bullish momentum shift. This pattern occurred after the formation of a month-long Death Cross that failed to generate meaningful price movement. The Golden Cross is formed when the 50-day exponential moving average (EMA) crosses above the 200-day EMA, indicating that the short-term price trends may now push higher.
This shift in momentum comes at a time when the market sentiment for HBAR has been improving. Although the broader crypto market has shown mixed signals, the Golden Cross suggests that the buyers may have regained control, potentially leading to significant price appreciation.
In addition to the Golden Cross, the rise in Open Interest has also been a key indicator of growing optimism for HBAR. Open Interest has surged by 55% over the past week, increasing from $219 million to $340 million. This surge highlights a growing optimism among HBAR traders.
The positive funding rate is further reinforcing the bullish outlook, with long contracts dominating the market, suggesting that traders are positioning themselves for higher prices. This increase in Open Interest typically signals that more participants are entering the market, potentially setting the stage for further price increases.
HBAR Price Set To Rally
At present, HBAR is trading at $0.213, just under the resistance level of $0.222. The recent bullish momentum, driven by the Golden Cross and increasing Open Interest, suggests that HBAR could soon break through this resistance and continue its upward trend.
If HBAR breaches $0.222 and successfully flips it into support, this could pave the way for further bullish movement toward $0.250. Such a move would solidify the gains made over the past month and could attract more investors, potentially leading to higher price targets in the near term.
However, if HBAR fails to break through the $0.222 resistance, it may remain consolidated within a range. A failure to hold above the $0.200 support level could reverse the bullish sentiment, pushing HBAR to a lower range near $0.182, invalidating the recent bullish outlook.
The price action over the next few days will determine whether HBAR can sustain its upward momentum or face a correction.
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Disclaimer
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