HBAR eyes breakout, open interest grows 2.46% to $331M

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Positive funding rates favour bullish positioning.A flip of $0.222 may trigger a move to $0.250.Key support level remains at $0.200.Hedera Hashgraph’s native token HBAR has shown signs of upward momentum as technical indicators align in favour of a potential breakout.A Golden Cross formation has emerged after a prolonged period of rangebound movement, suggesting a shift in trend direction.At the same time, a steady rise in derivatives market activity and long contract positioning underscores increased investor confidence in the altcoin, despite a cautious broader crypto landscape.HBAR is currently trading at $0.2099, up 0.75% on the day, and is testing a key resistance level near $0.222. If this barrier is cleared and converted into support, HBAR could continue its climb toward $0.250 in the short term.Source: CoinMarketCapA decisive breakout could also open the door to higher price discovery in the weeks ahead.Golden Cross follows failed Death CrossHBAR has recorded a bullish Golden Cross pattern, typically viewed as a key indicator of positive price action.The formation occurs when the 50-day exponential moving average (EMA) moves above the 200-day EMA.This crossover comes after a month-long Death Cross failed to trigger a significant downtrend, indicating weakening selling pressure and a potential change in direction.The presence of the Golden Cross signals that short-term momentum is now skewing in favour of buyers.Historically, this pattern has preceded strong rallies in a range of altcoins, especially when supported by market interest and volume.Open interest up 2.46% to $331 millionDerivatives data from the past week supports this technical trend. HBAR’s open interest has risen 2.46%, increasing to $331.28 million.This growth implies more traders are entering the market or reinforcing their positions, suggesting steady accumulation rather than a speculative surge.The rise in Open Interest coincides with a positive funding rate, reflecting market positioning that leans toward long contracts.When funding rates are positive, traders are typically expecting higher prices and are willing to pay a premium to keep long positions open.Alongside Open Interest, trading volume in spot markets has also picked up moderately, further strengthening short-term bullish sentiment and market participation.Price levels to watch: $0.222 and $0.200While current indicators suggest a rally may be forming, HBAR still faces key resistance at $0.222.This level has previously acted as a ceiling for the token’s price action and will need to be broken decisively to confirm the bullish trend.If HBAR can flip $0.222 into a support floor, analysts will likely begin targeting $0.250 as the next leg up.However, failure to maintain momentum could result in a period of consolidation.A drop below $0.200 would invalidate the short-term bullish case and expose the token to downside risk toward $0.182.The coming sessions will be critical as Hedera tests investor sentiment in a largely neutral market environment.A sustained move above $0.222 could shift momentum decisively in favour of the bulls.Share this articleCategoriesTagsSource link