Hedera (HBAR) is gaining traction, showing promising signs of a potential 22% price surge that could bring it close to its all-time high of $0.465. While recent bullish momentum is capturing market attention, there are factors at play, including bearish sentiment among traders, that could hinder this expected rally. The road ahead is filled with challenges, and market participants are closely watching whether these obstacles will prevent HBAR from reaching its peak.
Strong Upward Momentum Amid Bullish Indicators
HBAR has seen an impressive 8% price surge within a 24-hour period, currently trading at approximately $0.364. As it inches closer to a critical resistance level of $0.378, bullish technical indicators are stacking up. A large green candle and a bullish engulfing pattern signal that HBAR could continue its upward trajectory, provided it maintains this momentum.
If HBAR can break through the $0.378 resistance and close above it, a 22% price surge toward its all-time high of $0.465 could be on the cards, making it an exciting prospect for both traders and investors.
Outflows Highlight Confidence Among Long-Term Holders
A major driver of HBAR’s potential for growth is the substantial outflow from exchanges. Data from Coinglass reveals that $13.9 million worth of HBAR was withdrawn from exchanges in a 24-hour period. This suggests long-term holders are accumulating HBAR, a move typically associated with confidence in the asset’s future growth. These outflows could be a sign of growing buying pressure, which may further fuel price increases if the trend continues.
Bearish Sentiment Among Short-Term Traders
Despite the bullish outlook among long-term holders, short-term traders are more cautious. The Long/Short Ratio for HBAR stands at 0.89, indicating that more traders are holding short positions than long ones. This sentiment divergence could create downward pressure, potentially stalling HBAR’s rally if external factors affect market sentiment.
Also Read: Hedera (HBAR) Price Outlook: Can It Sustain Momentum Toward $5?
While HBAR shows strong upward momentum, overcoming short-term traders’ bearish sentiment is crucial for sustaining this rally. Long-term holders’ confidence, coupled with increased trading volume and bullish technical patterns, suggest that HBAR could be on track for a significant price surge. Whether it can break through key resistance levels and reach its all-time high remains to be seen, but for now, HBAR is a cryptocurrency to watch closely.
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.
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