HBAR demonstrates signs of renewed interest after retesting long-term support level that has historically yielded over 100% gains.
- Can HBAR’s trending status guarantee an extension of its recent rally? On-chain data indicated renewed interest in the cryptocurrency at a noteworthy level.
Hedera [HBAR] has been making some progress behind the scenes. This is despite being absent from the spotlight as the market focused attention elsewhere. However, that appears to be changing.
HBAR experienced significant social exposure this month. To the extent that it was one of the top trending cryptocurrencies on X (formerly Twitter) in the last 24 hours.
This means that it has been receiving more attention from investors and could continue to do so in the coming days or weeks.
The recent social exposure may not be a fluke. It comes as the Hedera network celebrates key milestones.
For example, the network recently celebrated crossing the 70 billion transaction mark, a feat that it managed to achieve faster than most other networks.
The development also aligns with the resurgence in bullish demand for HBAR. The cryptocurrency had been on an overall bearish trend since April.
It recently found a local bottom near the $0.047 price level and has since then enjoyed some upside. HBAR traded at $0.057 at press time after rallying by roughly 18% in the last seven days.
Source: TradingView
HBAR’s money flow indicator confirmed a robust liquidity influx, the highest that it has recorded since April. A potential sign that the cryptocurrency may be in the early stages of a recovery rally.
Note that the price recently retested a historically significant long-term ascending support, indicated in white. Sell pressure leveled out after interacting with this support line.
Previous interactions with the support line have yielded a significant upside in the past.
Can HBAR sustain the current rally?
AMBCrypto’s look at Hyblock Capital’s data confirmed that there was a surge in buying volume at around mid-September. This may have fueled the latest rally that has taken place since then.
The volume spike lasted between the 14th to the 19th of September.
Source: HyblockCapital
Similarly, our analysis disclosed an uptick in long positions (green indicator) between the 16th to the 19th of September.
There was also another less intense spike in buy volume (yellow) on the 22nd of September, followed by a surge in long positions the following day.
The renewed interest in HBAR at a key level suggests that the bulls might be looking to take over. However, that will depend on whether it can sustain liquidity inflows.
A spike in social sentiment is a good sign, indicating that there is potential for more accumulation and therefore, a chance for the bulls to deliver a relief rally.
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