Hedera (HBAR) is currently priced at approximately $0.127 on Wednesday, edging close to a significant resistance level. Traders are watching closely, as a successful breakout above this threshold could indicate further upward momentum for the cryptocurrency. Recent trends in institutional demand have contributed to this bullish sentiment, with spot HBAR Exchange-Traded Funds (ETFs) experiencing inflows for three consecutive days.
Data from SoSoValue reveals that on Tuesday alone, Hedera spot ETFs saw an influx of $817,770. This uptick marks the third day of positive inflows since the previous week, suggesting that if this trend continues, HBAR could further the ongoing price rally.
Support for the optimistic outlook is corroborated by analysis from CryptoQuant, which highlights increased activity in both spot and futures markets. Notably, large whale orders have been detected, hinting at potential forthcoming price surges. Additionally, the Coinglass long-to-short ratio for HBAR stands at 1.06 on Wednesday, representing its highest point in over a month. A ratio exceeding one indicates that a larger number of traders are positioning themselves for a price increase, further reflecting the bullish market sentiment around Hedera.
Chart analysis shows that HBAR has been forming a falling wedge pattern, characterized by connecting multiple peaks and troughs since late July. After a notable jump of over 6% on Tuesday, HBAR is now attempting to surpass the 50-day Exponential Moving Average (EMA) situated at $0.127. Should HBAR close above this EMA on a daily basis, it may pave the way for a rally towards the upper boundary of the wedge pattern, estimated around $0.152.
Technical indicators also support this positive trajectory. The Relative Strength Index (RSI) for HBAR is currently at 56, hovering above the neutral mark of 50, which suggests that bullish momentum is gaining strength. Furthermore, the Moving Average Convergence Divergence (MACD) indicator has shown a bullish crossover, reinforcing the optimistic sentiment among traders.
However, market participants remain cautious. If HBAR encounters any resistance, a downturn could push the price back toward weekly support levels around $0.090, a scenario that traders will keep a close eye on as the situation develops.
