- HBAR rallied over 840% from post-breakout lows, nearing its $0.504 target with a 69% potential upside.
- Funding rates reflect varying market sentiment, with December 19, 2024, showing HBAR at $0.27 and 0.0105% funding rate.
- Trading volume and structured price movement indicate sustained bullish momentum.
Hedera (HBAR) has delivered an impressive bullish rally, surging over 840% from its post-breakout lows. This significant movement was supported by massive positive volume, propelling the cryptocurrency near its key target of approximately $0.504. Despite this surge, the $0.504 target remains in play, suggesting potential for additional upward movement.
Massive Gains Backed by Substantial Volume
According to a chart by Javon Marks, the downtrend from mid-2022 to early 2023 marks a bearish phase, with prices decreasing steadily. A consolidation period followed, forming a breakout region that catalyzed the subsequent bullish trend. The breakout initiated a sharp upward trajectory, with prices climbing significantly, supported by strong trading volume.
Source: Javon Marks(X)
The post-breakout rally demonstrates a substantial price increase, approaching a target level near $0.504. Hedera sustained its momentum, with higher peaks and trading activity reflecting robust market interest, demonstrating a remarkable recovery in its price action.
From its post-breakout lows, HBAR has climbed by more than 840%. Key levels of resistance and support are evident, showcasing a structured price movement. The upward trajectory implies potential for further advancements if trading volumes remain consistent.
Target Still in Play with Additional Upside Potential
The current price levels indicate the potential for further upward movement toward the key target of $0.504. From its present position, $HBAR would need a 69% increase to achieve this milestone. Given the velocity of its recent gains, the possibility of this happening swiftly remains plausible. This highlights the continuation of bullish momentum in the near term.
At the time of writing, Coinglass data indicates that the Hedera funding rate has seen fluctuations between positive and negative values, indicating varying market sentiment over time. Significant peaks and troughs in the funding rate are visible, reflecting shifts in derivative market positioning.
Source: Coinglass
From June to mid-December, the OI-weighted funding rate remains relatively stable with periodic deviations. On December 19, 2024, $HBAR’s price reached $0.27, while the OI-weighted funding rate recorded 0.0105%.
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