The native digital currency of Hedera Hashgraph, HBAR, has seen a price increase of 10% over the past week, bringing the altcoin to a 30-day high of $0.179.
With overall market sentiment improving, the altcoin appears well-positioned to continue its rise in the coming days. But how far could it go?
The trading volume of HBAR reaches $373 million as long positions dominate.
The daily trading volume for HBAR shares has increased by nearly 100%, reaching a 60-day high of $373 million at the time of publication. This highlights growing investor interest and reinforces the strength of the current upward trend.
When the asset's price and trading volume rise simultaneously, it indicates strong upward momentum and increasing confidence from investors. The increase in trading volume confirms that the price movement is supported by significant trading activity.
This consequently reduces the likelihood of a false breakout and indicates that buyers are actively leading the market.
For HBAR shares, an increase of over 10% in its price, along with a trading volume of $373 million, the highest level in 60 days, indicates that the recent rise is gaining momentum. This convergence between price strength and trading volume supports the view that HBAR's upward trend may continue in the near term.
Moreover, the rise in HBAR's price to a 30-day high has stimulated demand for long positions in the futures market. This is reflected in the long/short positions ratio, which reached a 30-day high of 1.13 at the time of publication.
This metric measures the ratio of bullish (long) positions to bearish (short) positions in the asset's futures market. When the ratio is below one, traders are betting on a price decline rather than an increase.
He expressed skepticism about the short-term price predictions for the token, as traders anticipate more downward movement.
Conversely, as is the case with the HBAR indicator, when the ratio is above one, the number of long positions exceeds short positions. This indicates a bullish trend, as most traders expect the asset's price to rise.
HBAR inflows rise as the price faces a critical test at $0.189.
The rise in the Chaikin Money Flow (CMF) indicator for HBAR shares on the daily chart supports the aforementioned bullish predictions. This momentum indicator, which tracks the flow of money in and out of the asset, is above the zero line at 0.13, showing an upward trend at the time of publication.
Positive CMF indicator readings during such upward periods suggest that buying pressure outweighs selling pressure, with capital flowing steadily into HBAR shares. This indicates that investors are confident in its upward trajectory and are accumulating their investments in hopes of further gains.
If this situation continues, the token price may test the resistance level at $0.189. If it successfully breaks through this level, HBAR could reach $0.206.
On the other hand, if selling resumes, this bullish outlook will be invalidated. In this case,the token price may drop to $0.165.
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