Hedera’s price has been steadily rising during the last week, largely due to an increase in chatter about it on social media platforms. These heightened discussions on social media typically pave the way for a rise in price by enticing fresh investors.
As interest in HBAR rises, it’s expected to reach its highest point over the past month. Here’s an explanation of why that might happen.
Hedera Social Buzz and Open Interest Surge Fuel Price Rally
As a crypto investor, I’ve noticed an uptick in the social dominance of HBAR over the past week. This means that more discussions about this coin are occurring relative to the total conversations happening among the top 100 cryptos by market cap, as measured by Santiment’s data.
Currently, as of the latest update, HBAR’s influence on social media platforms stands at approximately 1.64%. This figure represents a robust 39% rise since January 1st. A notable surge in an asset’s social dominance indicates a substantial uptick in overall social media discussions and activities surrounding that particular asset.
Frequently, this situation sparks greater curiosity about the asset, which could result in an increase in its price as an influx of buyers join, enticed by the rising excitement surrounding it.
As a crypto investor, I’ve noticed an impressive surge in the open interest of HBAR over the recent period, which undeniably reflects heightened trading activity. Currently, the open interest stands at approximately $173 million, marking a substantial 38% increase over the last five days.
Open interest signifies the overall count of unresolved contracts like futures or options agreements, such as those for stocks or other assets, that have yet to be settled or closed. A spike in open interest during a price surge implies fresh positions are being established, suggesting an increase in investor confidence and involvement in the asset’s price rally.
HBAR Price Prediction: Can It Break $0.33 Resistance?
On a day-to-day graph, HBAR encounters significant resistance at around $0.33. Should the bullish momentum continue, this digital coin might surpass this critical threshold, reaching its 30-day peak of $0.39 again.
As an analyst, if the sell-off of HBAR intensifies, it might trigger a reversal in the current upward trend, potentially pushing the token down towards the $0.26 support level. Should this level be breached, we could expect another price drop to around $0.24.
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2025-01-06 13:16