Hedera (HBAR) has gained 7.56% in the last 24 hours and is currently trading at $0.1030, according to CoinMarketCap data. The trading volume has also increased by 96.22% and is now standing at $223.36 million. The HBAR coin price has risen by 16.22% over the last week.
Source: CoinMarketCap
HBAR Shows Strong Reaction From Support
According to Crypto Patel, an analyst, the price movements have caught the attention of the market. HBAR’s price has returned to a major weekly accumulation zone between $0.07 and $0.10. This zone has seen strong reactions in previous cycles, resulting in gains of over 1,800% and 800%.
The analyst explained that the price movements seen in the last few days have resulted in a liquidity sweep and a strong reaction from historical demand.
Patel mentioned that the weekly candle has seen a strong reaction, bouncing 47% from the lower boundary. The setup remains valid if the price stays above $0.07.
According to the analyst, if the price closes below $0.070 on a weekly chart, it would invalidate the bullish structure, and the next major support for the price could be seen at $0.043.
The analyst had mentioned potential price targets for HBAR, such as $0.21, $0.35, $0.55, and $1.00. These levels were marked as potential future points of interest, not guaranteed outcomes.
Source: X
The analyst also referenced earlier calls. He noted that a position made in August 2023 resulted in an 800% move. A warning was given around $0.40, advising traders to take their profits, as a change of direction was anticipated in the market.
Also Read: Hedera Hashgraph (HBAR) Slides as Sell-Off Tests Support and Eyes $0.12 Breakout
Moreover, another analyst, CryptoPulse, is also optimistic about HBAR, as he mentioned short-term trends. He added that HBAR confirmed an inverse head-and-shoulders breakout. If current trends continue, the breakout signals a potential continuation toward $0.12.
The analyst also noted that the breakout of the neckline seems sustained. As long as buyers participate in the next sessions, the structure will remain positive.
Source: X
Market Strengthens With Growing Open Interest
Derivatives activity also increased. CoinGlass data shows a 46.71% surge in volume, totaling $324.21 million. The open interest also increased by 16.57% to $120.49 million. The OI-weighted funding stands at 0.0021%, a minor positive bias.
Source: CoinGlass
HBAR’s recovery, increasing trading activity, and technical reactions put HBAR back in the spotlight, with analysts monitoring medium- and long-term trends.
The support levels identified by analysts now serve as key markers, and the market evaluates whether momentum can continue.
Also Read: Litecoin (LTC) Shows Trend Reversal Signals Near 0.786 Fibonacci Support
