Hedera has witnessed steady price growth over the past week, driven by the gradual uptick in social media mentions. This surge in social mentions often precedes price increases as it attracts new investors.
With increased activity around HBAR, the altcoin is poised to climb to a 30-day high. This analysis details how.
Hedera Social Buzz and Open Interest Surge Fuel Price Rally
Santiment’s data shows that HBAR’s social dominance has climbed over the past week. This metric measures the percentage of cryptocurrency-related conversations that mention a particular asset compared to the overall conversation volume across the top 100 cryptocurrencies by market cap.
At press time, HBAR’s social dominance is 1.64%, surging 39% since January 1. When an asset’s social dominance spikes, it means there has been a significant increase in overall social media activity around that asset.
This often drives more interest in the asset, potentially leading to a price surge as more people buy into the asset due to the growing buzz.
The rally in HBAR’s open interest during the review period confirms this uptick in trading activity. At press time, it is $173 million, up 38% in the past five days.
Open interest refers to the total number of outstanding contracts, such as futures or options, that have not been settled or closed. When an asset’s open interest surges during a price rally, new positions are being opened. This indicates growing confidence and participation in the asset’s price rally.
HBAR Price Prediction: Can It Break $0.33 Resistance?
On the daily chart, HBAR faces major resistance at $0.33. If the bullish pressure is maintained, the altcoin could break above this crucial level and reclaim its 30-day high of $0.39.
However, if HBAR selloffs spike, the token could reverse the current trend and slip toward $0.26, where its next support level lies. A breach of this level would cause a further price decline to $0.24.
Disclaimer
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