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Hedera’s [$HBAR] network activity is picking up, and big players are also interested. With $HBAR price also responding, will the token shoot up?
Here’s what we know.
$HBAR activity at record levels!
Daily transactions on the network were recently at an ATH of 346,943; a noticeable increase. Hedera’s TVL is also above $23 million, after falling to roughly $15 million in mid-August. The recent 9% rise in the last 24 hours is indicative of money coming into applications built on the network.
Interest is visible outside the network too. U.S. $HBAR spot ETFs saw $848K in daily net inflows, and the combined net assets were at about $50.14 million.
The latest inflow was also the largest shown in the recent period.
AMBCrypto previously reported that Grayscale’s decision to withdraw its $HBAR ETF filing had weakened narrative around the token, at a time when ETF flows were already relatively modest.
At the time, $0.07 was an important resistance level; traders were warned that $HBAR’s rebound could lose steam if buyers failed to push past it.
That makes the latest move more interesting.
$HBAR traders turn increasingly bullish, price hits $0.074
On the hourly chart, $HBAR climbed up from about $0.067 to $0.074; there’s a steady series of higher highs and higher lows. Buying pressure also went up with the move; OBV rose, which makes it clear that the volume has supported the rally.
Derivatives traders are also leaning bullish. Aggregated Open Interest has gone up to about $46.6 million, so more positions are being opened as $HBAR rises. The Average Funding Rate is also positive at about 0.0076; long positions have the upper hand.
There is one sign that traders may need to watch closely, though. $HBAR’s RSI has moved above 70. It’s not that the rally will reverse, but it does make a consolidation more likely.
Final Summary
- Hedera activity hit a record 346,943 daily transactions; ETF inflows and TVL were also in the green.
- $HBAR climbed to $0.074, but a consolidation is likely.