Key takeaways
- Hedera is up 6.5% in the last 24 hours and is now trading above $0.12.
- The coin could rally towards $0.145 amid growing ETF inflow.
ETF inflow boosts HBAR’s sentiment
HBAR, the native coin of the Hedera blockchain, is up 6.5% in the last 24 hours and is now trading at $0.123 per coin. The rally makes it one of the best performers among the top 30 cryptocurrencies by market cap.
The positive performance is fueled by growing institutional demand. According to SoSoValue, Hedera spot ETFs recorded an inflow of $817,770 inflow of Tuesday, marking the third consecutive positive flow since last week.
If these inflows intensify, HBAR could extend its ongoing price rally. In addition to that, data obtained fromCryptoQuant shows that HBAR’s spot and futures markets have large whale orders, signaling a potential rally ahead.
CoinGlass’s data also shows that HBAR’s long-to-short ratio reads 1.06 on Wednesday, the highest level in over a month. The ratio crossing one reflects bullish sentiment in the market, with more traders taking long positions over short.
HBAR could extend gains towards $0.145
The HBAR/USD 4-hour chart is currently bullish after Hedera extended its value above $0.12 earlier this year. At press time, HBAR is nearing the 50-day Exponential Moving Average (EMA) at $0.127.
If the bulls push HBAR’s daily candle to close above the 50-day EMA, it could extend its gains towards the $0.145 resistance level. An extended rally could see HABR retest the upper trendline boundary of the wedge pattern at around $0.152.
The RSI on the 4-hour chart is at 58, above the neutral 50 level, indicating bullish momentum is gaining traction. Moreover, the Moving Average Convergence Divergence (MACD) shows a bullish crossover that remains intact.
On the flip side, if HBAR undergoes a correction, it could extend the decline toward the weekly support level below $0.1
