- As at press time, Hedera had gained 14% this week.
- Hedera dominance and open interest are all rising.
Hedera [HBAR] is gaining traction as it aligns with the anticipated bullishness in Q4. After rising over 14% this week, it seems ready to capitalize on a broader market rally.
HBAR is currently trading at $0.061, showing a slight decline in the last 24 hours, likely due to a correction after three consecutive green days.
Despite this, the price remains strong with a stable volume-to-market cap ratio of 2.13%. Its fully diluted market cap stands at $3 billion, with 37 billion HBAR in circulation out of a maximum supply of 50 billion.
Hedera dominance and price action
Hedera’s market dominance is gradually increasing, signaling its potential to benefit from the expected Q4 crypto market surge. The rise in dominance reflects growing adoption among traders, investors, and institutions.
This has led to an upward trend in HBAR’s price action over the past two weeks, bringing it to a crucial resistance level of $0.06. Breaking above this could confirm a double bottom formation, indicating a potential price floor for Hedera.
Source: TradingView
The MACD has flipped bullish, and the histogram reflects increasing volume and strength in the HBAR/USDT pair.
If HBAR can push past the $0.06 level and approach the $0.10 resistance, it could see gains of up to 65%, potentially within Q4.
Open interest, funding rates, and whale activity
Key metrics, including open interest, funding rates, and whale activity, suggest that the broader market, including Hedera, is positioned for further gains.
The open interest is at 80%, indicating strong interest in HBAR, while funding rates show that long positions are paying short positions, signaling bullish sentiment.
Additionally, the whale-to-retail delta is at its maximum, suggesting that large investors are accumulating HBAR at a faster rate than retail traders, further supporting the likelihood of higher prices.
Source: Hyblock Capital
Liquidation levels
Analyzing the HBAR/USDT liquidation levels on Bitget shows $2.25 million in orders will trigger at $0.0627. This indicates market participants are targeting high liquidity zones, making the price likely to move toward this level.
If the $0.0627 level is broken, the next target could be $0.0638, with $1.31 million in orders. As these liquidity zones near, HBAR’s upward momentum may strengthen, supporting its potential 65% gain.
Source: Coinglass
With growing adoption, bullish technical signals, and high liquidity zones, HBAR seems poised for substantial gains soon.
If this momentum continues, HBAR could reach $0.10, pushing the price higher during the expected Q4 market rally.
