• HBAR price is up 2.89% in 24 hours, with a trading volume increase of 5.06%, indicating strong investor interest.
• A 10.4% rise over the past week shows steady growth and growing confidence in the cryptocurrency market.
• Analysts predict HBAR’s potential target of $0.54, with bullish flag and wedge breakout patterns supporting positive trends.

Hedera (HBAR) is growing well, and the coin is currently trading at $0.2378, which is a 2.89% increase within the past 24 hours. The trading volume has also gone up by 5.06% and is currently at $225.59 million. This upward trend is an indication of increasing investor trust and interest in HBAR.

Source: CoinMarketCap

Over the past week, the price of HBAR is up 10.4%, and it continues to appreciate steadily. This consistent success correlates to the fact that the coin has gained momentum in the competitive market. Investors are observing keenly any upcoming changes in prices because the coin appears to be on an upward trend.

HBAR’s Bullish Flag Formation Points to Strong Upside Potential

Crypto analyst Butterfly highlighted that HBAR is forming a bullish flag formation on the 2-day chart. This structure is usually a pointing-upward breakout. Analysts note that the push behind the structure under the flag might cause the HBAR to move to a potential target of $0.54 on the bullish trend. This trend is a good sign that the market is optimistic about the coin.

Source: X

Another analyst, Crypto Coins Coach, mentioned that HBAR has been breaking out of a falling wedge pattern, a major movement sign. This technical change indicates that HBAR could further go up in the short run. If the coin stays above $0.224, it could potentially reach a price range of $0.276-$0.305.

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Nonetheless, the analyst also warned that the drop to the level of Hedera below the level of $0.218-$0.200 would signify the possibility of weakening the positive trend. A decrease in this price level would probably change the market trend towards bearishness, indicating that the coin might be reversing its trend. 

Source: X

Open Interest Jumps 3.99%, Boosting Market Sentiment

CoinGlass data shows that the trading volume decreased by 9.23% and is now at $306.98 million. However, open interest has increased by 3.99% and currently stands at $426.23 million. The rise in open interest portends that investors are optimistic about the future performance of HBAR, as evidenced by the 0.0167% OI-weighted funding rate.

Source: CoinGlass

Traders will be keen to see the trend and patterns of Hedera coins as it continues to gain momentum. Provided the upward tendency, cryptocurrency might experience further price improvements shortly. Hedera is establishing itself as an important player in the cryptocurrency market with a positive market sentiment and strong technical indicators.

Also Read: XRP Price Analysis: Falling Wedge Formation Eyes Breakout Above $3.13