Bulls eye a breakout
After recently moving off its $0.21 base, HBAR has sparked optimism among traders with early signs of recovery. The RSI has climbed closer to neutral, while the MACD has hinted at a potential shift in momentum.
Javon Marks shared a bullish outlook in an X post, suggesting that Hedera could be gearing up for a 123% rally towards the $0.504 mark. Should a breakout above that level occur, it could pave the way for a move towards the psychological $1 zone.
While this projection may seem ambitious, the charts indicate that HBAR is gradually gaining strength. If buying pressure remains strong, the next significant move may not be far off.
Derivatives data shows caution
The derivatives market for HBAR is starting to display a more positive tone. Open interest has risen to around $155 million, indicating renewed activity from traders.
Furthermore, Funding Rates have remained positive at 0.0121, suggesting that the majority of market participants are inclined towards long positions rather than short ones.
Traders seem willing to bet on further upside potential without excessively leveraged positions that often precede sharp corrections. If the momentum in spot markets aligns with these steady derivatives flows, HBAR could receive the necessary fuel for a stronger upward push.