HBAR eyes $0.145 as ETF earnings increase sentiment
Key receivers
Hedera has gained 6.5% in the last 24 hours and is now trading above $0.12.
The coin may enter $0.145 as ETF flows grow.
ETF flows boost HBAR sentiment
HBAR, the native coin of the Hedera blockchain, has increased by 6.5% in the last 24 hours and is now trading at $0.123 per coin. The rally makes it one of the top 30 best performing cryptocurrencies by market capitalization.
The positive performance is fueled by growing institutional demand. According to SoSoValue, Hedera spot ETFs recorded an inflow of $817,770 on Tuesday, marking the third consecutive positive inflow since last week.
If these flows strengthen, HBAR may extend its next price rally. In addition to that, data from CryptoQuant shows that the HBAR spot and futures markets have large whale orders, indicating the possibility of a rally ahead.
HBAR's long-to-short ratio read 1.06 on Wednesday, the highest level in more than a month, according to CoinGlass data. A ratio that crosses one reflects bullishness in the market, with more traders taking long positions than short ones.
HBAR can extend its profit to $0.145.
The 4-hour chart of HBAR/USD is currently bullish after Hedera extended its value above $0.12 earlier this year. At press time, HBAR is approaching the 50-day Exponential Moving Average (EMA) at $0.127.
If the bulls push the HBAR daily candle to close above the 50-day EMA, it could extend gains to the $0.145 resistance level. An extended rally could see HABR retest the upper trendline boundary around $0.152.
The RSI on the 4-hour chart is at 58, above the neutral 50 level, which indicates bullish momentum. Moreover, the moving average converging divergence (MACD) shows a bullish cross that remains intact.
Conversely, if HBAR corrects, it may extend the decline to the weekly support level below $0.1.
