HBAR has surged 20% to reach a five-month peak, driven by bullish technical indicators and heightened derivatives activity. The crypto asset’s momentum is reinforced by a Golden Cross formation, where the 50-day exponential moving average crossed above the 200-day moving average, signaling potential extended upward movement.
Open interest for HBAR derivatives skyrocketed 77% within a week, leaping from $296 million to $526 million. This substantial increase reflects mounting investor confidence and capital inflows into the market.
The token currently trades at $0.284, maintaining support above the critical $0.267 level. Technical analysis suggests resistance at $0.314, with a breakout potentially propelling HBAR toward $0.375. However, failure to hold the $0.267 support could trigger a correction toward $0.241.
Market observers note elevated profit-taking risks despite strong momentum indicators. Investors are advised to monitor key technical levels closely as sentiment-driven volatility may prompt pullbacks during the rally although current market structure remains bullish.