news 
Hedera’s Mainnet Upgrade Sparks 17% HBAR Rally
In a significant turnaround, Hedera’s native token HBAR has experienced a remarkable surge in value, surging by an impressive 17.24% over the past 24 hours. This sudden increase in price is largely attributed to the highly anticipated mainnet upgrade, which has sparked renewed interest and optimism among investors.
Increased Trading Activity Due to Mainnet Upgrade
The increased trading activity in HBAR can be directly linked to the upcoming mainnet upgrade, which promises to introduce new features that will significantly enhance the platform’s functionality. This event has generated immense excitement within the cryptocurrency community, leading to a substantial influx of investment capital into Hedera’s native token.
As a result, HBAR’s inflows have surpassed $8 million, reaching their highest level in 27 days. This surge in demand is a clear indication that investors are increasingly confident about Hedera’s future prospects and are seeking exposure to the platform as it undergoes its mainnet upgrade.
Elder-Ray Index Confirms Buying Pressure
Moreover, the Elder-Ray Index has returned a positive value for the first time in seven days, indicating that buying pressure has become more dominant than selling pressure. As we know, this indicator is based on market data and measures the relative strength of buyers and sellers.
The fact that the Elder-Ray Index is now positive suggests that the dominant trend in the HBAR market is now moving towards a sustained uptrend, as buyer sentiment gains the upper hand.
HBAR Price Outlook: Resistance at $0.39 and Support at $0.33
Historically, HBAR has exhibited a strong resistance level around $0.39, which it may struggle to break through in the short term. However, with the mainnet upgrade driving significant interest in the token, it’s not impossible that we see a breakout above this level.
On the flip side, if the rally loses steam and investors become cautious, HBAR could potentially retest its previous support at $0.33. If this support fails to hold, it may drop further to the lower boundary of the recent trading range around $0.30.
In conclusion, Hedera’s mainnet upgrade has had a profoundly positive impact on the market, as witnessed by the significant increase in HBAR’s trading volume and price action. As the project’s future prospects continue to improve with the introduction of new features, we can expect this rally to persist, potentially pushing HBAR above its resistance at $0.39.
Source:
Source: crypto-economy.com
