Hedera Hashgraph (HBAR) has just successfully climbed above the $0.09 resistance level according to CoinGecko. The Distributed Ledger Technology (DLT) based altcoin is now reaching towards the $0.10. Before that the price of HBAR has to conquer the $0.096 – $0.098 resistance cluster, with potential of $0.108 in the near-term, judging by the Elliott Wave setup.
Zooming out of the hourly time-frames, there’s a clear occurrence of HBAR printing higher lows. Javon Marks serves a great example of that on the three-day charts, historically assuming the price could face “potential for a massive upside move towards the ~$0.504 target.” With the higher-low theory bringing 350% upside potential, much depends on HBAR’s trading volume.
On both Derivatives & Spot markets, HBAR is witnessing an uptrend: the Spot market volume rose to $252.51 million from roughly $151 million collected yesterday. On Futures markets, the action has been hotter with an 40.88% uptick to reach $369.87 million in 24 hours, according to CoinGlass. Binance’s customers were the most bullish ones with a 3.73 bull vs bear ratio.
Bears Get Beat Down: HBAR’s $0.50 Dream’s Back
Conversely, the overall long versus short ratio kept relatively low at 0.8423, signaling more bearish price placements. This doesn’t imply HBAR short-sellers got any discounts.
The leveraged market saw a lob-sided fight with short-sellers accounting for $628.26K out of $783.83K in liquidations. Open Interest (OI) also hiked by nearly 7% to reach $165.44 million in unsettled HBAR bets.
For Javon Mark’s technical analysis to hit the spot, an estimated 80% rally is needed: that’s close to the $0.56 all-time high that HBAR has set on September 16, 2021. Looking from a historical price perspective, HBAR has covered roughly three thirds of the four bases, since bouncing off the cycle low of $0.035 by 157.13%, with the token now hitting overbought signals.
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