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HBAR has surged by 20% in the last 24 hours, reaching a 5-month high, driven by a $230 million increase in open interest and rising trader confidence.
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The Golden Cross between HBAR’s 50-day and 200-day EMAs signals a shift from bearish to bullish momentum, supporting further price gains.
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HBAR is holding a critical support level at $0.267, and a push above $0.314 could lead to a rise toward $0.375. However, profit-taking risks remain, with a drop to $0.241 possible.
HBAR jumps 20% to a 5-month high amid rising open interest and a bullish Golden Cross, holding key support at $0.267 with potential to reach $0.375.
HBAR Finds Support From Traders
In the past week, HBAR’s open interest (OI) has surged by 77%, rising from $296 million to $526 million. This $230 million jump highlights the growing interest from traders eager to capitalize on HBAR’s recent performance. The positive funding rate further reinforces this trend, as long contracts outweigh short contracts.
The surge in open interest, combined with the ongoing price rise, demonstrates how market participants are becoming more confident in HBAR’s future prospects. Investors are taking advantage of favorable market conditions, aligning their positions to capture profits from what appears to be a sustained uptrend.
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HBAR Open Interest. Source: Coinglass
Looking at the broader technical indicators, HBAR’s momentum is also supported by the recent Golden Cross observed in its moving averages. The 50-day exponential moving average (EMA) recently crossed above the 200-day EMA, marking the end of the prolonged Death Cross that had dominated for over a month.
This positive shift suggests that the bearish trend that had been in place is now reversing. This technical development could signal a strong foundation for further price appreciation in the coming weeks.
HBAR Golden Cross. Source: TradingView
HBAR Price Is Holding
HBAR’s price currently stands at $0.284, reflecting a 20% increase over the last 24 hours. The altcoin has managed to secure a strong support level at $0.267, which is crucial for maintaining its recent gains. Testing this price as a support floor will help stabilize the market and provide a foundation for further growth.
Given the positive developments in market sentiment and technical indicators, HBAR is well-positioned to continue its uptrend. A push beyond the $0.314 resistance would bring the altcoin closer to the $0.375 mark. This would signal a continued rally, driven by growing investor confidence and positive market conditions.
HBAR Price Analysis. Source: TradingView
However, the risk of selling remains. Should HBAR experience a wave of profit-taking from investors, the price could fall back toward the $0.267 support. If this support is lost, HBAR could dip as low as $0.241, invalidating the bullish thesis and signaling a reversal of the recent gains.
Conclusion
HBAR’s recent 20% surge, supported by a significant increase in open interest and a bullish Golden Cross, indicates growing trader confidence and a potential sustained uptrend. Maintaining the critical $0.267 support level is essential for continued momentum, while a breakout above $0.314 could propel the price toward $0.375. Investors should remain vigilant for profit-taking risks that could trigger a pullback to $0.241. Overall, HBAR’s technical and market fundamentals suggest a cautiously optimistic outlook in the near term.
