After months of decline that left HBAR investors in the red, the cryptocurrency is showing signs of potential recovery.
With recent updates signaling a shift in investor sentiment, HBAR has begun to emerge from a downtrend. A key factor contributing to this turnaround is the addition of HBAR to the Grayscale Smart Contract Fund.
HBAR Joins the Big League
The Chaikin Money Flow (CMF) indicator recently indicated a significant increase in inflows to HBAR, suggesting a shift in market sentiment. This increase is largely attributed to the positive news of HBAR's addition to the Grayscale Smart Contract Fund.
The fund, which includes leading cryptocurrencies such as Ethereum (ETH), Solana (SOL), Cardano (ADA), Sui (SUI), and Avalanche (AVAX), now has HBAR making up 5.89% of its total assets. Investors are eager to capitalize on this, fueling a sharp increase in HBAR trading volume and inflows.
This new interest from investors reflects the growing optimism around HBAR. As the altcoin joins other leading assets in the Grayscale portfolio, its market visibility has significantly increased. Given the broader macro momentum, technical indicators like the Moving Average Convergence Divergence (MACD) suggest a shift towards bullish sentiment. The MACD has shown a continued bullish crossover, which typically signals increasing buying momentum.
With the current upward momentum, HBAR is likely to continue rising, breaking through resistance levels and building on its recent positive achievements. The strengthening MACD further supports the likelihood of sustained bullish behavior, indicating that HBAR may recover its previous losses and potentially gain further ground in the coming weeks. The price of HBAR is Breaking Free
At the time of publication, the price of HBAR is $0.161, positioned just below the key resistance level of $0.163. Faced with this resistance, HBAR has already managed to overcome a more significant hurdle: breaking out of a two-month downtrend that hindered its recovery efforts.
Considering the strong support from recent market events, it seems likely that HBAR will establish $0.163 as a base, gradually moving towards $0.172. From there, the price could potentially reach $0.180, further reinforcing the bullish outlook. However, there is a risk that premature selling by investors could derail this potential recovery. If profit-taking becomes too aggressive, HBAR's support level at $0.154 may come under pressure, which could lead to a drop to $0.145 or even $0.139. Such a decline would invalidate the bullish thesis and indicate a potential continuation of the altcoin's struggles.#BinanceSquare #Binance #crypto #trading #BinanceTurns8 $SOL