Crypto News, Hedera [HBAR] has witnessed remarkable gains recently, making it the top-performing crypto asset over the last 24 hours. While accumulation seems to be on the rise, price volatility remains a significant concern.
Hedera Experiences Surge in Accumulation Amidst Price Volatility
In the backdrop of launching its inaugural social network, Calaxy, Hedera’s token, HBAR experienced a 16% price jump over the last week. As per CoinMarketCap, the altcoin’s price shot up by 15% in the previous 24 hours, marking it as the top gainer for that duration.
HBAR’s Continuous Momentum
At the time of reporting, HBAR was trading at $0.06438 per token. This notable rally over the past week can be attributed to the onset of a new bullish cycle that infused fresh liquidity into the HBAR market. An analysis of the D1 chart indicates a momentum shift towards buying, evident from the positive crossover of the Moving Average Convergence Divergence (MACD) on 5 August. Since this crossover, HBAR has appreciated by 32%.
Furthermore, the token’s Chaikin Money Flow (CMF) entered the positive spectrum, indicating an influx of capital into the asset. Currently, the market is awash with liquidity.
Momentum Indicators Point to Overbought Zone
HBAR’s accumulation pressure has been on the uptrend. Momentum indicators such as the Relative Strength Index (RSI) stand at 68.58, while the Money Flow Index (MFI) is at 74.65, both nearing overbought levels.
Futures Market Insights
HBAR has been performing exceptionally well in the futures market. Open Interest, which signifies the number of active trading positions, soared by 100% since 6 August, as per Coinglass. Such a surge in Open Interest denotes heightened market interest.
Additionally, the token’s positive Funding Rate of 0.0099% suggests that most traders anticipate a price surge.
Volatility Concerns
Despite the bullish sentiments, HBAR’s price volatility remains a significant concern. The Bollinger Bands indicate high volatility, given the considerable gap between the upper and lower bands. With HBAR trading above the upper band, it signals potential price correction in the near future.
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