Crypto Express
07/14 09:09
HBAR’s 75% rally in July
Hedera’s price action has been strongly bullish, with its rapid gains over the past few days seeing the token climb above key resistances. However, the next resistance is the 2025 Value Area High, and traders can look to book profits at that level.
Hedera [HBAR], at press time, was up 24% in 24 hours, with its daily trading volume soaring by 62% and hitting $1.33 billion. The $10.3 billion market cap altcoin has surged by 75% in July, starting at $6.6 billion. This is remarkable progress on the price front, especially for a relatively large-cap crypto.
The derivatives market also saw strong short-term bullish conviction. In fact, Coinalyze data revealed that the 24-hour Open Interest change was +48.9%. The hike in price and Open Interest meant that traders may be eager to go long in expectation of further price gains.
The liquidation heatmaps did not warn of a sizeable liquidity pocket to the south. Even so, traders must beware of a long liquidity hunt. Especially since the entire derivatives market appeared to be extremely bullish.
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