Hedera’s native token, HBAR, has been on an impressive upward trajectory, with a notable 14% rise over the past week. As traders continue to exhibit strong confidence, the altcoin is now eyeing the $0.20 mark, facing some resistance as it strives to breach this level. Alongside this price movement, a significant increase in Open Interest (OI)—up by 46% in just two days—points to growing optimism in the market.

HBAR’s Remarkable Recovery and Bullish Sentiment:

After weeks of fluctuating performance, HBAR is showing signs of a strong recovery. Currently priced at around $0.180, the altcoin has managed to climb from previous lows, marking a positive shift in sentiment within the cryptocurrency market.

One of the standout factors contributing to this recovery is the surge in Open Interest, which tracks the total number of outstanding futures contracts. In just two days, this key metric saw a remarkable 46.8% increase, now standing at a staggering $232 million. This sharp rise in OI suggests that traders are significantly more engaged with HBAR’s bullish trend, potentially signaling future price increases.

As OI rises, the market’s sentiment turns more positive. In particular, a favorable funding rate, which measures the cost of holding long positions versus short ones, highlights that long contracts are outpacing shorts. This shift demonstrates that traders are betting on continued upward movement for HBAR.

Bullish Indicators Suggest Further Upside for HBAR:

Several technical indicators suggest that HBAR could continue its upward movement in the coming days, with the Relative Strength Index (RSI) providing key insights into the current market conditions. The RSI is currently at its highest level in over a month, further bolstering the case for continued bullish momentum.

For those unfamiliar, the RSI is a momentum oscillator that measures the speed and change of price movements. When the RSI climbs above the 70 mark, it signals that an asset may be overbought. However, HBAR’s RSI is still within the bullish zone, suggesting that there is still room for growth before the token reaches overbought conditions. This suggests a strong potential for further upward price action, especially given the growing market interest in HBAR.

With rising buying pressure and a positive market outlook, many traders are optimistic that HBAR could break its next resistance level, aiming for a push toward $0.20.

The Battle at $0.182: Will HBAR Break Through?

Currently, HBAR is facing a crucial resistance zone at $0.182. If the token can manage to break through this price level, it could trigger a rally toward the coveted $0.20 mark. For traders, the $0.182 level is crucial, as it represents a barrier that, if breached, could unlock new price targets for HBAR.

At present, HBAR is consolidating, holding steady near the $0.180 mark. The consolidation phase is typical of assets before they break out of resistance levels, and traders are eagerly watching for a catalyst that could trigger a breakout. If HBAR successfully breaches $0.182, the next resistance would likely come at $0.197, with the potential for the price to finally touch $0.20—an important psychological level for traders and investors alike.

What Happens If Resistance Holds?

While the bullish sentiment is palpable, traders are also mindful of the risks. If HBAR fails to breach the $0.182 resistance level, it could lead to a short-term price correction. In this scenario, HBAR could fall back toward the $0.162 support level.

A drop to $0.162 would erase some of the gains made in the past few days and likely dampen the short-term bullish outlook. A failure to break the $0.182 resistance would call into question the strength of HBAR’s recovery, making a move back to lower levels more likely.

However, even in this case, HBAR would still have strong support at the $0.162 level, which would likely act as a floor for the price. If HBAR holds above this level, it could quickly regroup and attempt another push toward higher resistance zones in the future.

What’s Next for HBAR Investors?

For investors, HBAR’s recent price action provides an exciting outlook, but also underscores the importance of monitoring key technical levels. The altcoin has displayed significant bullish momentum over the past week, but traders should stay cautious around the critical resistance levels at $0.182 and $0.20.

As the market sentiment remains largely positive, driven by strong open interest and bullish technical indicators, HBAR has the potential to continue its upward trajectory. If HBAR can maintain its current price above $0.162 and manage to break the resistance at $0.182, the altcoin could be in for a sustained rally, with $0.20 being the next major milestone.

For those considering entering the market, the next few days could be crucial in determining whether HBAR’s bullish trend will continue or if a retracement is imminent. As always, careful monitoring of price levels and market conditions is essential for navigating the volatility inherent in the cryptocurrency space.

Conclusion:

Hedera’s HBAR token is currently positioned for a potential breakout, driven by strong market sentiment and increasing trader confidence. With Open Interest on the rise and technical indicators like the RSI suggesting strong bullish momentum, the altcoin is aiming for new highs. However, the $0.182 resistance level remains a key hurdle. If it can clear this level, HBAR could soon be targeting the $0.20 mark. For investors, the coming days will be critical in determining whether the bullish momentum can be sustained or if a retreat to lower levels is on the horizon.