The cryptocurrency market is experiencing an impressive recovery, and Hedera (HBAR) seems to be riding the wave of optimism, showing promising signs of a potential 22% price gain. As of now, HBAR has surged by over 8%, capturing the attention of both traders and long-term investors.
$14 Million Outflows Fuel Bullish Sentiment
On-chain data from Coinglass’s Spot Inflow/Outflow indicates a significant shift in sentiment, with $13.9 million worth of HBAR exiting exchanges in the past 24 hours. This substantial outflow suggests strong bullish sentiment among long-term holders, who appear to be moving their assets to personal wallets, potentially signaling an impending accumulation phase. With fewer coins available on exchanges, this action may generate buying pressure and propel HBAR’s price further upwards.
Traders’ Mixed Sentiment and Bearish Outlook
However, not all market participants share the same view. Intraday traders have shown signs of bearish sentiment, as reflected in HBAR’s Long/Short Ratio, which stands at 0.89. Despite the strong bullish movement, 53% of top traders are holding short positions, compared to 47.2% who are long. This presents a contrast between investor optimism and trader caution, suggesting that while investors are generally bullish on HBAR’s long-term prospects, traders are hesitant in the short term.
HBAR’s Price Momentum and Prediction
At the time of writing, HBAR is trading around $0.364, having surged by more than 8.50% in the last 24 hours, with trading volumes increasing by 60%. The altcoin recently broke out of a bullish symmetrical triangle pattern, retesting key levels with strong upward momentum. While HBAR is facing resistance near $0.378, the formation of a bullish engulfing pattern suggests that a breakthrough is likely. Should HBAR manage to close a daily candle above $0.378, it could rally by 22%, targeting its all-time high of $0.465 in the near future.
With strong investor interest and potential bullish continuation, HBAR looks poised for significant growth as the cryptocurrency market rebounds.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Hedera (HBAR) Price Outlook: Can It Sustain Momentum Toward $5?
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