The price of HBAR continues to rebound after reaching the support level at $0.238, nearing the resistance level at $0.294. This growth signals increased interest from traders.
Technical Analysis and Market Movement
The HBAR token is recovering, showing a strong rebound from the support level at $0.238. It is currently testing the resistance level at $0.294, which previously capped gains in April and June. Technical indicators, such as the Directional Movement Index, show that buying pressure is dominating selling activity. The positive directional line is trending above the negative one, and the Average Directional Index has climbed above 40, confirming the strength of the current trend.
Regulatory Attention on HBAR
HBAR has gained attention due to its inclusion in a White House report on cryptocurrencies, increasing its relevance in regulatory and institutional discussions. Speculation regarding the approval of an HBAR exchange-traded fund also supports interest. Such a product could simplify access for institutional investors, which may lead to wider market participation.
Changing Market Sentiment
A 10% increase in open interest for HBAR futures to $419.33 million signals new capital inflows into the market. Traders are showing renewed trust in the asset. Grayscale’s investment in HBAR as part of its Smart Contract Fund boosts its reputation as a potential long-term player in the digital asset industry.
There is a positive shift in market participants' attitudes toward HBAR, driven by increased regulatory attention and capital inflow. The significance of the $0.294 resistance level remains, but the current dynamics suggest that buyers will continue to influence the market structure.
