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Hedera Hashgraph (HBAR) records solid recovery, overcoming the resistance mark at $0.52 following a more than 10% price increase within the past seven days.

HBAR 7-day chart on Coinmarketcap

Notably, indicators display increasing demand for HBAR amidst the bullish stance. Hedera benefited from the latest broad market rally, which saw Bitcoin climbing past $35K. However, the upside steam cooled, and the bellwether token retraced to the $34K region at press time.

More uptrends for HBAR?

Hedera’s indicators displayed optimism for the altcoin. The Relative Strength Index explored the overbought region, confirming an upside bias. The RSI confirmed surging buying demand as investors capitalize on the token’s bullish momentum.

Further, the Chaikin Money Flow shows impressive capital flowing into the Hedera ecosystem. The CMF remained positive at +0.13. Thus, bulls might push for up to a 10% upswing toward the profit-booking zone at $0.057 – $0.059.

Nonetheless, sudden selling momentum can force HBAR to retest a new support before a potential rebound. Investors might induce downward momentum through profit-taking. The altcoin’s upcoming price actions will likely mimic developments in the overall cryptocurrency market.

HBAR’s bullish cues

Hedera exhibits upside catalysts as it retained a positive funding rate, according to Coinalyze data. That confirmed that long positions dominate the short-term. Further, the crypto’s Open Interest remained elevated despite a slight drop at press time.

Also, the project continues to see recognition. For instance, market data oracle Pyth Network has released HBAR/USD price feed on 40 blockchains.

The Pyth Network is excited to release its HBAR/USD price feed$HBAR is the native token of @hedera — an enterprise-grade public network

The Pyth HBAR/USD price feed is now available on 40 blockchains

— Pyth Network 🔮 (@PythNetwork) October 27, 2023

Further, it proved to be a project of the future when FedNow integrated Hedera’s Dropp facilitate instant transactions. Nonetheless, HBAR buyers should watch for possible bearish actions that might postpone or slow the expected surge.

The post Hedera (HBAR) sees increasing demand amid bullish price actions appeared first on Invezz

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