HBAR, the native token that operates the Hedera Hashgraph distributed ledger platform, has seen a price increase of 11% in the past 24 hours. This price spike occurs amidst a significant rise in demand for this token in recent days.

Technical analysis indicates that HBAR may continue to rise in price. This analysis points out price levels that token holders need to pay attention to.

HBAR Investor Accumulation Increased

The daily chart of HBAR shows that despite recent corrections, the price of this token remains above the Super Trend indicator, which continues to provide dynamic support at $0.23.

The Super Trend indicator tracks the direction and strength of a trend. It is displayed as a line on the price chart, changing color to indicate the trend: green for an uptrend and red for a downtrend.

When an asset's price is above the Super Trend line, it signals bullish momentum in the market. In this case, the Super Trend line provides dynamic support, and as long as the price remains above this level, the uptrend is likely to continue.

HBAR Super Trend Indicator | Source: TradingView

Additionally, the Chaikin Money Flow (CMF) index of HBAR is increasing, indicating the possibility of a sustainable growth phase. At the time of writing, this index stands at 0.05.

CMF measures the inflow and outflow of money into and out of the market for an asset. For HBAR, when the CMF value is positive during a price increase, it indicates strong buying pressure when the volume of inflow exceeds outflow. It signals a price increase supported by genuine accumulation activity, enhancing the likelihood of sustaining the upward trend.

Chaikin Money Flow (CMF) Index of HBAR | Source: TradingView

HBAR Price Prediction: Bulls Target $0.39 While Bears Aim for $0.24

According to the Fibonacci retracement tool, HBAR's price could return to the three-year high of $0.39 and surpass this level if accumulation activity continues. However, this price level needs to be converted into support to realize this forecast.

Daily HBAR/USDT Chart | Source: TradingView

Conversely, if selling activity increases, HBAR's price will lose some recent gains and trend down towards $0.24. If the price breaks below this level, it will drop further to the dynamic support level of the Super Trend indicator at $0.23. If this level cannot hold, HBAR's price could plummet to $0.16.



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