In the last 24 hours, HBAR, the native token of the Hedera Hashgraph network, has experienced a 10% price increase. This leap is driven by the substantial rise in HBAR’s spot inflow, reaching a peak not seen since December 19. The anticipation surrounding Hedera’s mainnet upgrade to version 0.57, scheduled for today, is a key driver of this trading activity spike.
On Wednesday at 18:00 UTC, Hedera is set to roll out its mainnet upgrade to version 0.57. Market participants eagerly await new features, sparking increased trading activity in HBAR. Spot inflows for HBAR have exceeded $8 million, marking a 27-day high.
This uptick reflects rising demand for HBAR, indicating market optimism for improved short-term performance. Historically, such inflows suggest a bullish sentiment, often leading to positive price trends, as evidenced by HBAR’s recent price rise.
According to Coinglass data, the HBAR/USD one-day chart shows confirmation of increased buying activity through the Elder-Ray Index. This momentum indicator tracks market buying and selling pressures, revealing a positive value for the first time in a week. A positive Elder-Ray Index implies stronger buying than selling pressure, hinting at a sustainable upward trend.
HBAR’s price has been relatively stable over the past month, facing resistance at $0.33 and support at $0.26. With growing bullish sentiment, the altcoin might surpass the $0.33 resistance, potentially climbing to $0.39. However, if post-upgrade sell-offs increase, HBAR could fall back to $0.26.
Failing to hold this support could result in further decline to $0.24. As the mainnet upgrade approaches, market participants are closely watching these levels for direction.