HBAR Price: Whale Moves Hint at Potential Outperformance
HBAR Primed for Potential Surge? Two Key Indicators Emerge
Hedera (HBAR) is currently experiencing a positive price movement, mirroring the broader crypto market's upward trend. On Friday, HBAR gained over 5%. While overall market sentiment is boosted by speculation regarding potential interest rate cuts in September, specific indicators suggest HBAR may be positioned to exceed the performance of its peers.
Specifically, recent accumulation patterns among large holders and a bullish technical signal point towards significant support for HBAR.
Whale Accumulation: A Bullish Sign for HBAR
Data indicates that large HBAR holders have been increasing their positions over the past week. The number of accounts holding at least 1 million HBAR increased from 82.41 on August 16 to 84.09 on August 23. Similarly, accounts holding 10 million tokens or more rose from 106.59 to 107.86 during the same period.
At HBAR's current price of $0.25, this accumulation represents a minimum addition of 1.68 million tokens (approximately $420,000) in the 1 million band, and 1.27 million tokens (approximately $317,500) in the 10 million band.
This steady accumulation suggests a strong underlying confidence among major HBAR holders, hinting at expectations of further price appreciation.
RSI Divergence Reinforces Bullish Outlook
Adding to the bullish narrative, momentum indicators are also showing positive signs. Between August 19 and August 22, HBAR's price experienced a slight dip, falling from $0.23 to $0.22, creating a lower low on the price chart.
However, during this same period, the Relative Strength Index (RSI), which measures buying and selling pressure, increased from 43 to 51.
This bullish divergence indicates that while the price suggested weakness, underlying demand was actually increasing. This suggests buyers were actively absorbing supply even as prices declined.
The combination of increased whale holdings and an improving RSI points to rising conviction in the market, suggesting the recent price consolidation may be a base for future gains.
Key HBAR Price Levels to Watch
Currently, HBAR is trading around $0.25, holding above immediate support. To sustain a stronger rally, HBAR needs to overcome resistance at $0.27. A successful breakout could propel the price towards $0.30 and potentially higher, outperforming the broader crypto market.
Conversely, a failure to maintain support could expose HBAR to downside risk. A drop below $0.22 might lead to further declines, with limited technical support until the $0.15 level.