- As at the time of writing, Hedera was up 14% this week.
- Hedera’s dominance and open interest are all increasing.
Hedera [HBAR] is gaining ground as it aligns with expected bullishness in the fourth quarter. After rising more than 14% this week, the country appears poised to benefit from a broader market rally.
HBAR is currently trading at $0.061, showing a slight decline over the past 24 hours, likely due to a correction after three consecutive green days.
Nevertheless, the price remains strong, with a stable volume to market capitalization ratio of 2.13%. The fully diluted market cap is $3 billion, with 37 billion HBAR in circulation out of a maximum supply of 50 billion.
Hedera dominance and price action
Hedera’s market dominance is gradually increasing, indicating that it has the potential to benefit from the crypto market’s expected surge in the fourth quarter. The increase in dominance reflects growing adoption among traders, investors and institutions.
This has led to an uptrend in HBAR’s price action over the past two weeks, bringing it to a crucial resistance level at $0.06. If we get above, this could confirm a double bottom formation, indicating a potential price bottom for Hedera.
Source: TradingView
The MACD has turned bullish and the histogram reflects the increasing volume and strength of the HBAR/USDT pair.
If HBAR can push past the $0.06 level and approach the $0.10 resistance, it could potentially post a gain of up to 65% in the fourth quarter.
Open interest, financing rates and whale activity
Key figures including open interest, funding rates and whale activity suggest the broader market, including Hedera, is positioned for further gains.
Open interest is at 80%, indicating strong interest in HBAR, while funding rates show long positions paying short positions, indicating bullish sentiment.
Furthermore, the whale-to-retail delta is at its maximum, indicating that large investors are accumulating HBAR faster than retailers, further supporting the likelihood of higher prices.
Source: Hyblock Capital
Liquidation levels
An analysis of the HBAR/USDT liquidation levels on Bitget shows that $2.25 million worth of orders will be triggered at $0.0627. This indicates that market participants are focusing on zones of high liquidity, which is likely to move the price towards this level.
If the $0.0627 level is broken, the next target could be $0.0638, with $1.31 million in orders. As these liquidity zones approach, HBAR’s upside momentum could strengthen, supporting its potential 65% gain.
Source: Coinglass
With growing adoption, bullish technical signals, and high liquidity zones, HBAR looks poised for substantial gains soon.
If this momentum continues, the HBAR could reach $0.10, which could push the price higher during the expected fourth-quarter market rally.