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HBAR’s Path to $0.42 Depends on Breaking This Crucial Resistance
Hedera (HBAR) has been making significant moves in the market, with a 3.34% gain in the last 24 hours and a whopping 6.86% increase in recent weeks. However, for HBAR to reach its next milestone of $0.42, it is crucial that it breaks through a key resistance level.
HBAR’s current price surge has been fueled by strong buying pressure, as seen from the Parabolic SAR indicator which shows dotted markers below the price candles, indicating an increase in purchasing activity. This trend can continue to drive the market forward if sustained. Furthermore, the Bull Bear Power indicator is also displaying six consecutive green histogram bars, suggesting a strong support system from investors who remain optimistic about HBAR’s potential.
Notably, Open Interest has seen a 9.90% rise in the past 24 hours, amounting to $269.71 million. This surge in unsettled derivative contracts indicates that traders are holding long positions, further substantiating the notion that there is considerable buying pressure at play.
While it is possible that temporary selling pressure may slow down or even halt HBAR’s upward momentum, a change in netflows turning negative could potentially restart the rally.
Source: cryptonewsland.com
