HBAR price jumps to $0.074 as Hedera activity hits an all-time high
The altcoin is back in focus after a long period of quiet.
Hedera’s [HBAR] network activity is picking up, and big players are also interested. With HBAR price also responding, will the token shoot up?
Here’s what we know.
HBAR activity at record levels!
Daily transactions on the network were recently at an ATH of 346,943; a noticeable increase. Hedera’s TVL is also above $23 million, after falling to roughly $15 million in mid-August. The recent 9% rise in the last 24 hours is indicative of money coming into applications built on the network.
Interest is visible outside the network too. U.S. HBAR spot ETFs saw $848K in daily net inflows, and the combined net assets were at about $50.14 million.
The latest inflow was also the largest shown in the recent period.
AMBCrypto previously reported that Grayscale’s decision to withdraw its HBAR ETF filing had weakened narrative around the token, at a time when ETF flows were already relatively modest.
At the time, $0.07 was an important resistance level; traders were warned that HBAR’s rebound could lose steam if buyers failed to push past it.
That makes the latest move more interesting.
HBAR traders turn increasingly bullish, price hits $0.074
On the hourly chart, HBAR climbed up from about $0.067 to $0.074; there’s a steady series of higher highs and higher lows. Buying pressure also went up with the move; OBV rose, which makes it clear that the volume has supported the rally.
Derivatives traders are also leaning bullish. Aggregated Open Interest has gone up to about $46.6 million, so more positions are being opened as HBAR rises. The Average Funding Rate is also positive at about 0.0076; long positions have the upper hand.
There is one sign that traders may need to watch closely, though. HBAR’s RSI has moved above 70. It’s not that the rally will reverse, but it does make a consolidation more likely.
Final Summary
- Hedera activity hit a record 346,943 daily transactions; ETF inflows and TVL were also in the green.
- HBAR climbed to $0.074, but a consolidation is likely.
