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Hedera [HBAR] is on a tear in July, posting a 24% gain in the last 24 hours alone and pushing its market capitalization to $10.3 billion. Starting the month at around $6.6 billion, HBAR has surged by over 75%, fueled by strong bullish sentiment across spot and derivatives markets.
Trading Volume and Open Interest Skyrocket
HBAR’s recent rally is backed by a significant increase in trading activity. Daily trading volume spiked 62% to $1.33 billion, highlighting growing investor interest. Meanwhile, derivatives data from Coinalyze showed a sharp 48.9% increase in 24-hour Open Interest, indicating rising speculative activity and a surge in long positions.
Such a jump in Open Interest, coupled with bullish price action, often signifies confidence among leveraged traders betting on continued upward movement. However, traders must remain cautious of potential long liquidations, especially in a market that appears overwhelmingly bullish.
Key Support Levels Flipped, Price Eyes Range High
Technical indicators show HBAR has decisively broken past crucial resistance levels. According to the Fixed Range Volume Profile, the Point of Control (PoC) sits at $0.193 — previously a key resistance, now turned into support. The next significant level is the Value Area High (VAH) at $0.255, which could act as an upper boundary in the current range.
With the price approaching this zone, a clean breakout above $0.255 followed by a retest could present new buying opportunities. On the flip side, a retracement to the $0.22 zone — a former resistance area from May — could act as a bullish demand zone.
Also Read: Hedera’s HBAR Eyes $0.40 After 27% Weekly Surge and Bullish Breakout
On-Chain Metrics Confirm Strength of Rally
The On-Balance Volume (OBV) indicator has broken past its May highs, matching the rise in HBAR’s price. This signals strong buying pressure and suggests that the rally is driven by genuine accumulation rather than pure speculation. The Awesome Oscillator also flashed a bullish signal, reinforcing the upward momentum.
With market structure on the daily timeframe remaining firmly bullish, HBAR appears well-positioned for further gains — especially if macro conditions and crypto sentiment stay favorable.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
