Hedera’s Breakout: Can HBAR Hit $0.10 This Quarter?

At the time of publication, Hedera had risen by 14% this week.
Hedera’s dominance and open interest are on an upward trend.

Hedera [HBAR] is gaining momentum as it aligns with the anticipated bullish outlook for Q4. With a hike of over 14% this week, it appears set to take advantage of a broader market rally.

Currently, HBAR is trading at $0.061, reflecting a minor dip in the past 24 hours, likely due to a correction after three consecutive days of gains.

Nevertheless, the price remains robust, evidenced by a stable volume-to-market cap ratio of 2.13%. Its fully diluted market cap is at $3 billion, with 37 billion HBAR circulating out of a maximum supply of 50 billion.

Hedera dominance and pricing trends

Hedera’s market dominance is gradually increasing, indicating its potential to benefit from the anticipated Q4 crypto market boom. This rise in dominance suggests a growing acceptance among traders, investors, and institutions.

This has resulted in a positive trend in HBAR’s price over the past fortnight, reaching a significant resistance level at $0.06. A breakthrough above this level could confirm a double bottom formation, suggesting a possible price floor for Hedera.

Source: TradingView

The MACD has turned bullish, with the histogram indicating increasing volume and strength in the HBAR/USDT pair.

If HBAR manages to break through the $0.06 resistance and heads towards the $0.10 level, it could achieve gains of up to 65%, potentially within Q4.

Open interest, funding rates, and whale dynamics

Critical indicators, including open interest, funding rates, and whale activity, suggest that the broader market, including Hedera, is poised for further advances.

The open interest is at 80%, reflecting strong demand for HBAR, while funding rates indicate that long positions are compensating short positions, pointing to a bullish sentiment.

Furthermore, the whale-to-retail delta has peaked, suggesting that institutional investors are accumulating HBAR more quickly than retail traders, enhancing the likelihood of higher prices.

Source: Hyblock Capital

Liquidation thresholds

Examining the HBAR/USDT liquidation thresholds on Bitget reveals that $2.25 million in orders will activate at the $0.0627 mark. This indicates that market participants are eyeing high liquidity zones, making it likely that the price will trend towards this level.

If the $0.0627 price point is breached, the next target might be $0.0638, with $1.31 million in orders waiting there. As these liquidity zones approach, HBAR’s upward trajectory may strengthen, bolstering its chance of achieving a 65% gain.