Why the HBAR Token Price May Extend Its Gains
HBAR, the native cryptocurrency of the Hedera Hashgraph network, has surged 41% in the past 24 hours. It is currently trading at $0.24, breaking the psychological $0.20 barrier for the first time in two years.
This double-digit price surge has led to increased activity in derivatives markets, as evidenced by a spike in open interest, which has now reached an all-time high.
Ivy is the talk of the town
Hedera has been generating a lot of buzz lately, drawing attention to its token. The current surge in HBAR token price is largely due to more and more rumors Amid potential collaboration between Ripple and Hedera on global settlement standards, the former plans to expand its scope RLUSD stablecoin to the network.
Additionally, cryptocurrency investment firm Canary Capital Proposal submitted Filed with SEC for first-ever Hedera HBAR spot exchange-traded fund (ETF). If approved, this would provide institutional investors with direct exposure to the HBAR token.
These developments captured the market’s attention, as reflected in the surge in HBAR’s open interest. At press time, the figure stood at $222 million, an increase of more than 1,000% in the past 30 days.
Open interest refers to the total number of open interest or positions in a specific asset, e.g. futures or unresolved options. When open interest climbs during price increases, new positions are opened, indicating high market participation and confidence in continued price movement.
Positive funding rates for HBAR Further supporting its bullish outlook, it currently stands at 0.022%.
The funding rate is a periodic fee exchanged between long and short positions in a perpetual contract that helps keep the contract price consistent with the asset’s spot price. Positive funding rates indicate that long positions are paying short positions, reflecting bullish sentiment as more traders anticipate price increases.
HBAR Price Forecast: There is still more room for growth
The Supertrend indicator on HBAR’s single-day chart signals the potential for an extended rally. The price is currently above the indicator’s green line, reflecting bullish pressure.
The Super Trend indicator tracks the direction and strength of price trends and appears as a line on the chart. Green indicates an upward trend and red indicates a downward trend. If the uptrend continues, HBAR price may reach $0.30.
However, a waning of positive momentum may Result dropped to $0.15invalidating this bullish forecast.
Disclaimer
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