- 69.9% of top HBAR’s traders on Binance hold long positions.
- HBAR’s RSI remains below the overbought zone, suggesting there is still significant room for further upward movement.
Hedera [HBAR], is making waves in the cryptocurrency landscape following impressive momentum and a breakout of bullish price action patterns.
This sudden shift in market sentiment appears ahead of the upcoming political event on the 20th of January 20, 2025. This shift has caused HBAR to rally significantly in the past 24 hours.
According to CoinMarketCap data, HBAR has gained a massive 16% in the past 24 hours and is currently trading near the $0.345 level.
During the same period, traders and investors have shown strong interest and confidence, resulting in a 101% rise in trading volume.
HBAR price action and technical analysis
This price surge has attracted significant attention from investors and traders. It caused a breakout from the prolonged consolidation and the symmetrical triangle pattern HBAR had formed on the daily time frame.
With this breakout, the altcoin appears bullish and poised for massive upside momentum.
Source: TradingView
According to AMBCrypto’s technical analysis, HBAR not only broke the symmetrical triangle pattern but also breached the resistance level that had been hindering its upside momentum.
Based on the recent price action, if HBAR holds above the $0.34 level, it could potentially soar by 35% to reach the $0.465 level.
On the positive side, HBAR’s Relative Strength Index (RSI) remained below the overbought zone despite notable upside momentum. This indicates that the asset still has enough room to rise significantly.
70% of top traders hold long positions
This bullish outlook appears to be attracting significant attention from intraday traders, as reported by the on-chain analytics firm CoinGlass.
The Binance HBAR/USDT Long/Short Ratio stood at 2.32, indicating that for every 2.32 long positions, there is one short position.
Source: Coinglass
Currently, 69.9% of top traders on Binance hold long positions, while 30.1% hold short positions.
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When combining this on-chain metric with the technical analysis, it appears that bulls are currently dominating the asset, which could support the altcoin in reaching the predicted level in the future.
