Will the Hedera Mainnet Upgrade Trigger More Price Rallies?
HBAR, the native token powering the Hedera Hashgraph distributed ledger, has surged 10% in price over the past 24 hours.
The price increase was driven by a surge in HBAR spot inflows, which have now reached their highest level since December 19. The increase in trading activity is attributed to the anticipation of the Hedera mainnet upgrade to version 0.57, scheduled for later today.
Hedera’s upcoming mainnet upgrade will drive trading activity
Hedera will implement Mainnet upgraded to version 0.57 Wednesday 18:00 UTC. HBAR has seen an increase in trading activity as the market awaits the launch of new features. This is reflected in HBAR’s spot inflows, which have exceeded $8 million, reaching their highest level in 27 days.
This growth demonstrates growing demand for Hedera’s native token, signaling optimism for its recent performance. This inflow is bullishas they often precede positive price momentum. The surge in spot inflows pushed the value of HBAR up 10% in the past 24 hours.
It is worth noting that regarding HBAR/USD one-day chartreadings from the Elder-Ray Index confirmed an increase in buying activity. For context, this momentum indicator, which tracks the market’s buying and selling pressure by measuring the strength of bulls and bears, returned to positive territory for the first time in seven days.
When an asset’s Elder-Ray Index is positive, buying pressure (longs) is greater than selling pressure (shorts), indicating a continuing upward trend.
HBAR Price Forecast: $0.33 resistance and $0.26 support define future path
HBAR’s price has remained range-bound over the past month. It encountered resistance at $0.33 and found support at $0.26. As the altcoin’s bullish bias strengthens, it may break the $0.33 resistance and rebound to $0.39.
Conversely, if the selling intensifies after the mainnet upgrade, the price of HBAR may pull towards the $0.26 support level. If you can’t hold on Altcoin prices will plummet further reaching $0.24.
Disclaimer
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