HBAR has recently experienced a promising recovery, with the altcoin rising 14% in the past week. This surge has boosted traders’ hopes for future gains.
Currently, HBAR is facing resistance at $0.20. However, reclaiming this level as support is a real possibility, provided the bullish momentum continues.
Hedera Traders Are Bullish
The recent increase in HBAR’s price has been accompanied by a significant rise in Open Interest (OI), which is up 46.8% in just the last two days. Currently standing at $232 million, this rise indicates that traders are actively jumping on the bullish trend.
A positive funding rate further confirms that long contracts are dominating over short contracts. This shift signals that traders remain confident in HBAR’s upward potential and expect further gains.
In addition to the Open Interest, the market sentiment is bolstered by the overall interest in HBAR. As long positions outnumber short contracts, investor confidence grows, fueling the demand for HBAR.
Looking at technical indicators, the Relative Strength Index (RSI) for HBAR is currently at its highest point in a month and a half. This signals strong bullish momentum and suggests that HBAR could continue to see upward movement. With the RSI staying within the bullish zone, traders are optimistic that this positive momentum could drive the price higher, especially as the market overall gains strength.
The rising RSI is an encouraging sign for investors, as it indicates increasing buying pressure. Coupled with the positive market sentiment and increasing Open Interest, HBAR has the potential to reach new highs.
HBAR Price Prepares For Key Level
At the time of writing, HBAR’s price stands at $0.180, just below the $0.182 resistance. HBAR is currently in a consolidation phase, waiting for a bullish catalyst to break through the resistance.
However, it is safe from major losses, provided it holds its current position above $0.162.
The positive sentiment around HBAR, coupled with strong technical indicators, makes it likely that the altcoin could breach the $0.182 resistance in the near future. If this happens, HBAR would likely push toward $0.197, potentially breaking through to $0.200, which would mark a key milestone in its price recovery.
On the other hand, if the resistance at $0.182 proves too strong and the breach fails, HBAR could fall back to the $0.162 level. A drop to this level would erase recent gains and invalidate the bullish outlook, causing a short-term decline in the price.
The post HBAR Price Aims at $0.20 As Open Interest Jumps 46% in Just 2 Days appeared first on BeInCrypto.