Home Altcoins News Hedera (HBAR) Volume Surge Signals Potential 35% Rally

Hedera (HBAR) Volume Surge Signals Potential 35% Rally

Hedera price

Hedera (HBAR) is making waves in the cryptocurrency market as it experiences significant price action and increased trading volume. In the past 24 hours, the price of HBAR surged by 16%, bringing it to approximately $0.345. More importantly, trading volume for the token surged by an impressive 101%, signaling heightened investor interest. This surge in activity comes ahead of a major political event scheduled for January 20, 2025, which is adding to the excitement surrounding HBAR’s bullish potential.

A Surge in Volume Signals Strong Sentiment

The 101% increase in HBAR’s trading volume is a clear sign of growing confidence among investors. When trading volume spikes like this, it typically indicates that traders are entering the market with increased enthusiasm, fueling the potential for further price action. Volume is often a leading indicator for price momentum, and the rise in HBAR’s volume suggests that the cryptocurrency may be positioned for more upward movement in the near future.

Breaking Out of Consolidation: Technical Analysis of HBAR’s Price Action

On the technical side, HBAR has recently broken out of a consolidation phase. Over the past few weeks, the token had been forming a symmetrical triangle pattern on the daily time frame. Symmetrical triangles are often seen as a precursor to significant price movement, either upwards or downwards, once the price breaks out of the triangle’s confines. For HBAR, this breakout occurred to the upside, pushing the price past key resistance levels that had previously capped its upward potential.

This breakout is crucial because it signals that HBAR is in a bullish phase, and further price gains could be on the horizon. According to technical analysts, if HBAR can maintain its position above the $0.34 support level, it may be poised for a substantial rally. In fact, some forecasts suggest that HBAR could rise by as much as 35%, reaching a target price of $0.465 in the short term.

RSI Indicates Room for More Growth

Adding to the bullish outlook is HBAR’s Relative Strength Index (RSI), which remains below the overbought zone despite the recent price surge. The RSI is a momentum oscillator that measures whether an asset is overbought or oversold. When the RSI stays below the 70 threshold, it indicates that the asset still has room to appreciate before becoming overbought. With HBAR’s RSI still in a healthy range, the token has ample room to continue its upward movement, making further gains seem achievable.

Positive Sentiment Among Traders

Investor sentiment appears overwhelmingly positive, with a majority of traders on Binance betting on HBAR’s continued rise. Data from CoinGlass shows that 69.9% of top traders are currently holding long positions in HBAR, suggesting that most market participants are anticipating further price increases. The Binance HBAR/USDT Long/Short Ratio stands at 2.32, meaning that for every 2.32 traders holding long positions, there is just one short position. This ratio points to strong bullish sentiment in the market, which could help fuel HBAR’s potential rally.

What’s Next for HBAR?

Looking ahead, HBAR’s ability to hold above the $0.34 level is critical for sustaining the current bullish trend. If the price remains above this support level, the potential for a 35% price increase to $0.465 becomes very realistic. However, as always in the volatile world of cryptocurrency, it’s essential to consider broader market factors and events, such as regulatory news or shifts in investor sentiment, which could influence price movements.

In conclusion, Hedera (HBAR) is positioning itself for a potentially significant price surge. With impressive volume growth, a breakout from technical consolidation, and strong trader sentiment, HBAR’s outlook in early 2025 remains optimistic. If it can maintain its support at $0.34, a rally to $0.465 could be in the cards for the cryptocurrency in the coming weeks.

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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