The price of HBAR, the native cryptocurrency of the Hedera network, has seen a notable surge in recent days. This price movement has sparked discussion within the crypto community about the factors driving the gains and whether they are likely to be sustained. While some are enthusiastic about HBAR’s potential, others urge caution about getting overhyped.
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More Demand with Spike in Trading Volume
According to crypto analyst Crypto Troll (NOT!), the 24-hour trading volume for HBAR has increased dramatically, rising 1000% over just 3 days. He noted on Twitter that “Did you notice that $HBAR daily trading volume went 10x in 3 days? Yep. 1000% volume increase in 3 days. Proper demand.” While the source of this heightened demand is uncertain, the spike suggests growing interest in HBAR among investors and traders.
Indicators Are All Bullish
Crypto Troll (NOT!) also cited several technical indicators that are flashing bullish signals for HBAR. In his tweet, he stated “I think it’s very likely that $HBAR will push $0.30 within next 2-3 weeks. Indicators are just screaming bullish. MACD, Stoch RSI, RSI, Williams %R and Awesome Oscillator – all pointing to the upside.” If these momentum indicators are accurately predicting further upside, HBAR could see additional gains in the near-term.
Why Analyst Isn’t Too Optimistic
However, not everyone is convinced the current rally will be sustained. JAY.HANGRY | 444% | warned on Twitter that “Every time $hbar runs a little it ppl get hyped. They forget what happened last time.. and its always followed by a minor correction right back to price before it and bam we at square one for 6 more months.”
He seems to believe the price increase will be temporary and could retrace back to previous levels, disappointing those getting overexcited. This more cautious perspective suggests taking a balanced view of HBAR’s outlook.
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Show more +Why HEDRA Beats These Projects
Still, some crypto enthusiasts see strong long-term potential in HBAR compared to other networks. Matt stated that he feels “$HBAR is king though. I feel like it’s the first well run, adult project out there – it’s so damn fast, secure, and scalable.” He highlighted beneficial attributes like speed, security, scalability as reasons why HBAR stands out from competitors like SOL, MINA, FLUX, QUANT, and ALGO.
Conclusion
In summary, the recent trading action indicates growing interest and demand for HBAR, though analysts disagree on how sustainable the gains will prove. While technicals look bullish in the short-term, caution about overly high expectations seems warranted. However, HBAR’s capabilities continue to make it an attractive blockchain project in the eyes of some investors. Further development and adoption of the network will likely be key factors influencing the price outlook going forward.
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