Hedera (HBAR) is seeing a notable shift in its market outlook, driven by growing bullish sentiment among investors and traders. The altcoin has experienced an uptick in demand for long positions, signaling optimism for HBAR’s future price performance. This recent shift, combined with key indicators suggesting increasing buying pressure, has positioned Hedera for potential gains in the near future.

Growing Bullish Sentiment in Hedera’s Futures Market

One of the key signs of increasing optimism for Hedera comes from its futures market. Over the past 24 hours, the long/short ratio for HBAR has reached a monthly high of 1.08. This indicates that more traders are betting on the price of HBAR to rise rather than fall. In essence, the market is skewing bullish, with more traders holding long positions (which bet on price increases) than short ones (which bet on price declines).

This trend reflects growing confidence in HBAR’s potential. When the long/short ratio is above one, it typically signifies that traders believe the asset will experience upward momentum. In HBAR’s case, the increasing demand for long positions suggests that investors expect the price to rally, which could lead to further buying activity and push the price of HBAR higher.

Balance of Power Indicator Supports Bullish Outlook

Another important factor contributing to the positive sentiment surrounding HBAR is the Balance of Power (BoP) indicator. This technical indicator measures the strength of buying pressure compared to selling pressure. At the time of writing, the BoP for HBAR is sitting at 0.25, well above zero. This indicates that buying pressure is outweighing selling pressure, which is a key sign of bullish momentum.

When the BoP is above zero, it suggests that buyers are in control of the market and driving the price higher. For HBAR, this reading reinforces the idea that the current trend is upward and that the altcoin could continue to benefit from increased demand.

HBAR Price Action and Resistance Levels

Despite briefly hitting a four-month low of $0.153 during Thursday’s trading session, HBAR has shown resilience as buying pressure strengthens. This indicates that traders are starting to regain confidence in the asset. If the buyers continue to control the market, HBAR could flip its current resistance level at $0.169 into a new support floor. This would pave the way for further gains, with potential targets around the $0.247 level.

The key to continued upward momentum for HBAR will be its ability to maintain control at these key levels. The market sentiment will need to remain strong, with sustained buying activity to ensure that HBAR holds above its recent lows and pushes higher.

Risks of Profit-Taking and Decline

However, the bullish outlook for HBAR could be invalidated if traders start taking profits and selling off their positions. In such a case, HBAR could experience a correction, and the price might fall to as low as $0.129. Profit-taking is common in volatile markets, and it could put pressure on the price if momentum slows.

Looking Ahead: Can HBAR Sustain its Bullish Momentum?

With the increasing demand for long positions and the positive reading from the BoP indicator, HBAR appears to be poised for further gains. The current trend suggests that the token could continue its upward momentum, provided buying pressure remains strong. If HBAR can break through the $0.169 resistance level and flip it into support, the altcoin may see prices climb towards the $0.247 mark.

However, the market remains volatile, and profit-taking could reverse this bullish trend. Traders and investors will need to monitor key support levels closely to assess whether HBAR can sustain its momentum in the coming days. As it stands, HBAR’s market outlook is bright, and it remains one of the altcoins to watch in the near term.