- Can HBAR’s trending status guarantee an extension of its recent rally?
On-chain data indicated renewed interest in the cryptocurrency at a noteworthy level.
As a seasoned researcher with a keen eye for detail and years of experience tracking the cryptocurrency market, I must say that HBAR‘s current trending status is indeed intriguing. The renewed interest and social exposure it has received recently are noteworthy indicators that suggest a potential shift in its trajectory.
Behind the curtains, Hedera [HBAR] has been quietly advancing. Although it hasn’t been in the limelight due to the market’s focus shifting elsewhere, this situation seems to be evolving.
This month, HBAR saw a notable increase in public visibility, even ranking among the most popular cryptocurrencies discussed on X (previously known as Twitter) within the past 24 hours.
In simpler terms, this suggests that there’s been increased interest from investors, and it’s likely they will keep focusing on it for potentially the next few days or weeks.
The recent social exposure may not be a fluke. It comes as the Hedera network celebrates key milestones.
The network just surpassed 70 billion transactions, reaching this milestone quicker than many other networks.
The development also aligns with the resurgence in bullish demand for HBAR. The cryptocurrency had been on an overall bearish trend since April.
As an analyst, I’ve observed that HBAR has recently established a local bottom around the $0.047 price mark. Since then, it has been on an upward trajectory, with the coin trading at $0.057 at the moment following a significant 18% surge over the past seven days.
The Money Flow Indicator for HBAR showed a strong surge in incoming funds, the most significant since April. This could signal the beginning of an uptrend or recovery rally for this cryptocurrency.
Keep in mind that the price has just tested a historically important long-term upward sloping support (indicated in white). The selling pressure subsided as it met this support level.
Previous interactions with the support line have yielded a significant upside in the past.
Can HBAR sustain the current rally?
According to an analysis by AMBCrypto, it appears that there was a significant increase in purchasing activity around mid-September on Hyblock Capital, which could potentially be the catalyst for the recent upward trend observed since then.
The volume spike lasted between the 14th to the 19th of September.
Our findings revealed a rise in long positions (represented by the green indicator) from the 16th to the 19th of September.
On the 22nd of September, there was a smaller but noticeable increase in buying activity (yellow), which was followed by a significant rise in long positions the next day.
Read Hedera’s [HBAR] Price Prediction 2024–2025
A resurgence in HBAR‘s popularity at a crucial point may indicate that buyers could potentially gain control. Yet, this will hinge on its ability to maintain incoming liquidity.
An increase in social enthusiasm is a positive development, suggesting that further growth might be possible, offering an opportunity for the ‘bulls’ (optimistic investors) to trigger a recovery rally.
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2024-09-24 16:07