The price of HBAR, the native token of the Hedera Hashgraph blockchain, has seen a 17.24% increase over the last 24 hours, reaching $0.3711. This surge in price is accompanied by a significant rise in HBAR spot inflows, reaching their highest level since December 19.
The anticipation of the mainnet upgrade to version 0.57, which is set to take place today, has brought increased attention and optimism to the market.
This anticipation is driving trading activity, with HBAR’s inflows crossing $8 million, marking their highest level in 27 days. This indicates a growing confidence in Hedera's future potential and a verstärkte Nachfrage nach HBAR.
This surge in inflows is typically a bullish sign, indicating a verstärkte Nachfrage nach einem Vermögenswert, which usually precedes positive price momentum. In the case of HBAR, the 17.24% price increase over the last 24 hours reflects this dynamic.
On the 1-day HBAR/USD chart, the Elder-Ray Index also confirms this uptick in buying activity. This momentum indicator, which measures the strength of buyers (bulls) and sellers (bears), returns a positive value for the first time in seven days, highlighting the dominant buying pressure in the market.
When the Elder-Ray Index is positive, buying pressure is stronger than selling pressure, indicating a sustainable uptrend. In this case, the positive Elder-Ray Index value corresponds with the rising price of HBAR.
As HBAR's price has been fluctuating within a range in recent weeks, facing resistance at $0.39 and finding support at $0.33, the verstärkte bullish bias toward this altcoin could propel it to break above the $0.39 resistance, leading it toward $0.44 with positive momentum and investor interest.
However, if sell-offs verstärken after the mainnet upgrade, HBAR's price could decrease toward the $0.33 support. If it fails to hold at that level, the price could drop further to $0.30.
