HBAR Defies Crypto Market, Surges 27% Amidst Pullback
1min read Hedera [HBAR] has defied the broader market trend, surging by 27% in the last 24 hours while other altcoins struggled to maintain their positions. This significant gain comes despite a slight pullback in the crypto market during the last trading session.
HBAR's price action has been particularly notable, as it has sustained gains even as the broader market has weakened. At the time of writing, hbar was trading at $0.235, having broken through resistance levels that had previously limited its upside. This bullish push is supported by a break above the 50-day moving average, a signal often associated with further gains when accompanied by rising trading volume.
On-chain volume trends provide a deeper perspective on HBAR's price action. Recent Santiment data highlighted that HBAR's volume surged past 681.2 million, reflecting a notable hike in trading activity. This volume uptick suggests that market participants are actively engaging with HBAR, reinforcing its bullish outlook. If volume remains high, the likelihood of sustaining the uptrend increases.
Another important on-chain metric to consider is Open Interest, which tracks the total number of outstanding derivative contracts. HBAR's Open Interest saw a slight spike, indicating that more traders are taking positions in the asset. This also means that speculative interest in HBAR remains strong. At the time of writing, it was around $163 million.
HBAR's ability to sustain gains while the broader market pulls back is an impressive feat, driven by positive on-chain activity, a volume surge, and rising Open Interest. If bullish sentiment continues, HBAR could push towards $0.25 as its next key resistance. However, traders should watch for any decline in volume or Open Interest, as these could signal a slowdown in momentum. Maintaining support above $0.22 will be crucial in confirming whether this breakout has long-term potential or if a retracement is on the horizon.
