Hedera is trading at $0.1429, up by over 28%.
HBAR’s daily trading volume has increased by over 126%.
The crypto market’s November phase was on the upside, as analysts predicted. The surge in cryptocurrency prices fueled the bullish sentiment in the market, with the global market cap settled at $3.08 trillion. Notably, the largest asset, Bitcoin (BTC), trades at $92.3K, while the largest altcoin, Ethereum (ETH) stays at $3.1K.
As the altcoin season is looming, all the major assets are soaring to new highs. Among them, the Hedera (HBAR) has shifted gears by gaining over 28.75% in the last 24 hours.
The potential rally followed by Hedera board member, Brian Brooks is nominated for the next U.S. SEC Chair position by Donald Trump. Moreover, Hedera’s partnership with SpaceX and the recent filing by Canary Capital for an HBAR ETF with the SEC ignited the price surge.
As the asset undergoes bullish pressure, it is poised to trade on the upside for the day. At press time, HBAR trades at $0.1429. In the early hours, the asset traded at its lowest price of $0.1103 and climbed to a peak of $0.1566. Notably, the market has observed a liquidation of $9.57 million worth of Hedera and the daily trading volume of HBAR stays at $3.45 billion.
Can HBAR Sustain Its Current Upsurge?
While zooming in on Hedera’s four-hour technical indicators, it exhibits the asset’s current positive outlook. The Moving Average Convergence Divergence (MACD) line is settled above the signal line, triggering the incoming bull run.
HBAR chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator is found at 0.01, hinting at the prospect of a positive money flow. At the same time, the daily trading volume of HBAR has increased by over 126%.
HBAR’s four-hour price chart displays the probability of gaining further. If HBAR continues its upside momentum, it may initially test the resistance at $0.1582. Further gains would extend the rally.
On the contrary, if the bullish pressure arrives at the scenario, HBAR could slip below $0.1348. Extended losses might lead the asset to a deep correction phase, and decline even lower.
Moreover, the current market sentiment is in the over-bought territory with the daily relative strength index (RSI) hovering around 71.96. The asset’s daily frame discloses the short-term 9-day moving average over the long-term 21-day moving average.
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