HBAR Price Rallies 20% Intraday As Whale Boost Holdings: What’s Next?

• The HBAR price has increased by 20% intraday, with whales buying more.
• On-chain indicators have signaled a prolonged bull run.

Hedera (HBAR) crypto has drawn significant attention as one of the day’s top gainers. With this, the token’s value has surged over 20%.

While the rally brought fresh gains, the token was still 42% down from its peak on September 16, 2021. However, several indicators observed on-chain suggested that the HBAR price breakout is only the start of a prolonged bull run.

HBAR Joins the Top 20 Crypto Elite

With the recent price rally, HBAR has reached the top 20 cryptocurrencies based on market cap. According to CoinMarketCap, the HBAR crypto was standing at 18th rank as of writing. Its market cap surged to $12.64 Billion.

The token has outperformed the most significant cryptos in terms of gains. It surpassed notable projects like SUI, UNI, and LTC in terms of market cap. The HBAR price traded at $0.3308 at press time, noting an intraday rise of over 20.10%.

HBAR Whales Buying Spree: Could It Fuel Further Rally?

HBAR crypto’s large holder netflow has surged past 10 Million in the past seven days. It signaled that whale addresses are accumulating assets.

This renewed accumulation among whales suggested a shift in sentiment. With this, large holders showed increasing confidence in Hedera crypto. Over the past 24 hours, a 6.25% surge in large transactions was noted,

HBAR Price Prediction: Can HBAR Reach $0.5500 in December?

The HBAR price has reached its highest price since November 2021. That marked a staggering 590% increase in the last 30 sessions.

It has registered a bull flag pattern breakout after a significant consolidation. With the steady price surge and higher high series intact, it could break the $0.3800 wall. Furthermore, the token could reach the $0.5500 level by the end of this month.

HBAR’s Average Directional Index (ADX) has climbed to 65. It signaled that the strength of the current trend is gaining momentum. This level indicated substantial momentum behind the current price movement.

A rising ADX, in combination with upward price action, generally supports the case for a sustained uptrend. Moreover, the rising EMA lines displayed a bullish configuration. Moving ahead, short-term EMAs were positioned above the long-term ones, indicating strong upward momentum.

Adding to this bullish thesis, a golden crossover was exhibited on multiple timeframes. That suggested that the rally could be extended further.

Futures Market Data Outlook

Data from Coinglass indicated that the Open Interest (OI) has risen over 11.04% to $396.18 Million. This represented prolonged buildup activity over the past 24 hours.

Also, the HBAR crypto’s funding rate, which stayed positive since the second week of November, was at 0.0694%. A positive funding rate indicates traders are willing to pay a premium to maintain their long positions. This means that long contracts dominate the market.

It represented increased investor confidence in the altcoin and could fuel the price rally. Additionally, the long/short ratio stood at 0.9608%, with $1.8 Million worth of long liquidations dominating the market.

The immediate support zones for the HBAR price were $0.3170 and $0.3000. At the same time, the resistance levels were $0.3600 and $0.3870.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.