Hedera's TikTok Bid Boosts HBAR 17% in 24 Hours

Hedera Foundation’s recent strategic move to partner with Zoopto for a late-stage bid to acquire TikTok has sparked renewed investor interest in HBAR, driving a fresh wave of demand for the altcoin. This development has led to a notable uptick in long positions, signaling growing confidence in HBAR’s future price performance. The long/short ratio for HBAR currently sits at a monthly high of 1.08, reflecting a 17% climb in value over the past 24 hours. This surge in demand for long positions among derivatives traders indicates a bullish market sentiment, with more traders holding long positions than short ones. This suggests that HBAR investors expect the asset’s price to rise, a trend that could drive buying activity and cause HBAR’s price to extend its rally.

Further confirming this bullish outlook is HBAR’s Balance of Power (BoP), which measures buying and selling pressure. At press time, the BoP is above zero at 0.25, indicating that buying pressure is stronger than selling pressure. This means HBAR buyers dominate price action and are pushing its value higher. During Thursday’s trading session, HBAR traded briefly at a four-month low of $0.153. However, with strengthening buying pressure, the altcoin appears to be correcting this downward trend. If HBAR buyers consolidate their control, the token could flip the resistance at $0.169 into a support floor and climb toward $0.247. However, a resurgence in profit-taking activity could invalidate this bullish projection, causing HBAR to resume its decline and fall to $0.129.