The native token of the Hedera network, $HBAR

, a continuous recovery with improved sentiment in the cryptocurrency market following a ceasefire agreement between Israel and Iran.

The price of the token #HBAR bounced from a 12-day low shortly after the announcement on Monday, and has since recorded gradual gains.

HBAR is gaining bullish momentum

HBAR is currently trading around the 20-day Exponential Moving Average (EMA) on the daily chart. This key moving average measures the average price of the asset over the past 20 trading days, giving more weight to recent prices.

20-day Exponential Moving Average for HBAR

A decisive breakout of HBAR above this level will confirm the bullish reversal, paving the way for the token to register new all-time highs in the coming days. The Elder-Ray Index readings for the token support this bullish outlook.

At the time of publication, this is above the zero line at 0.0052, suggesting increasing demand for the altcoin.

Elder-Ray Index for HBAR.

The index measures the strength of bulls and bears in the market. When it records positive values and green chart bars, it indicates strong buyer dominance and increasing bullish momentum. This hints at the potential for continued upside for #HBAR .

Furthermore, the HBAR funding rate has remained positive despite its recent price decline. It is at 0.0057% at the time of publication, indicating that futures traders are still positioned for a potential price rebound.

HBAR Funding Rate.

A positive funding rate means that long position holders are paying short sellers to keep their positions open. This indicates positive sentiment in the derivatives market, even as the spot price of HBAR struggles, suggesting that traders expect a recovery in the near term.

$HBAR faces a breakout towards $0.164 or a drop to $0.133

At the time of publication, HBAR is trading at $0.152. If the bullish pressure strengthens and the altcoin successfully breaks above the 20-day Exponential Moving Average, its bullish reversal will receive confirmation, pushing its price towards $0.164.

HBAR Price Analysis.

However, if the bears regain control, they could push the price of HBAR down to $0.147. If this support level fails to hold, the price of $HBAR could decline further to $0.133.

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