HBAR's Resurgence in Broader Market Activity Triggers an Uptick in Bullish Bias

The resurgence in broader market activity over the past 24 hours has triggered an uptick in bullish bias towards Hedera (HBAR), with traders increasingly

Hedera (HBAR) traders have grown increasingly bullish on the altcoin in the past 24 hours, pushing its long/short ratio to a one-month high.

HBAR Long/Short Ratio Reaches 1.09

The long/short ratio for HBAR currently stands at 1.09, reaching its highest level in the past 30 days. This marks a significant shift in trader positioning, with more traders opening long positions in anticipation of further price gains.

An asset’s long/short ratio measures the proportion of its long positions (bets on price increases) to short positions (bets on price declines) in the market. A ratio below one means there are more short positions than long ones.

Conversely, as in HBAR’s case, a long/short ratio reading above one indicates that traders are predominantly bullish on the altcoin, and are opening bets in favor of an extended price rally.

Furthermore, HBAR’s rising futures open interest confirms the renewed demand for the altcoin. At press time, this is at $205 million, climbing 18% over the past 24 hours. HBAR’s price is up almost 10% within the same period.

Open interest refers to the total number of outstanding futures contracts that have not been settled. When open interest rises alongside price like this, it indicates that new money is entering the market to support the uptrend. This trend signals strong conviction behind the HBAR’s upward movement.

Can HBAR Break Out? $0.199 Next Key Level

HBAR is currently trading at $0.187, aiming to overcome the resistance formed at $0.190. If buyers succeed in flipping this price level into a support floor, the token could extend its uptrend and reach the next resistance level at $0.199.

However, if sellers regain control and break through the support at $0.17, this bullish projection will be invalidated. In this scenario, HBAR could lose its recent gains and fall to the next support level at $0.153.