TL;DR
- Hedera’s mainnet upgrade to version 0.57 has driven HBAR inflows to a 27-day high, generating significant trading activity.
- HBAR’s Elder-Ray Index shows strong buying pressure, suggesting a potential bullish trend and optimism among investors.
- HBAR faces resistance at $0.39 and support at $0.33, with significant potential to break this barrier and continue its rise.
The price of HBAR, the native token powering the Hedera Hashgraph distributed ledger, has surged by 17.24% in the last 24 hours, reaching $0.3711. This impressive price increase has been driven by a significant rise in HBAR spot inflows, which have reached their highest level since December 19. Trading activity has intensified due to the anticipation of the mainnet upgrade to version 0.57, scheduled for today, adding further excitement and optimism to the market. The increased interest in the token suggests a growing confidence in Hedera’s future potential.
Increased Trading Activity Due to Mainnet Upgrade
As the market eagerly awaits the introduction of new features, HBAR’s trading activity has increased significantly. This is reflected in HBAR’s inflows, which have surpassed $8 million, reaching their highest level in 27 days. This increase suggests higher demand for Hedera’s native token, indicating optimism and increased investor confidence about its short-term performance.
This surge in inflows is a bullish indicator, as it typically precedes positive price momentum. The 17.24% price increase in HBAR over the past 24 hours is a clear reflection of this dynamic. On the 1-day HBAR/USD chart, the Elder-Ray Index confirms the uptick in buying activity. This momentum indicator, which measures the strength of buyers (bulls) and sellers (bears), has returned a positive value for the first time in seven days, highlighting the dominant buying pressure in the market. When the Elder-Ray Index is positive, buying pressure is stronger than selling pressure, suggesting a sustainable uptrend.
HBAR Price Outlook: Resistance at $0.39 and Support at $0.33
In recent weeks, HBAR’s price has remained within a defined range, showing fluctuations and consolidation. It has faced resistance at $0.39 while finding support at $0.33. With the strengthened bullish bias toward this altcoin, it may break above the $0.39 resistance and move toward $0.44, showing positive momentum and increased interest from investors.
However, if sell-offs intensify after the mainnet upgrade, HBAR’s price could fall toward the $0.33 support. If it fails to hold that level, the price could drop further to $0.30.
