HBAR coin has reached a five-month high after surging by 34% in just 24 hours. Rising open interest shows bullish conviction among traders.
The rising Open Interest and DeFi TVL suggested that the rally could continue.has gained by more than 30% in 24 hours, outperforming all the top 30 largest cryptocurrencies by market capitalization.
At the same time, the Relative Strength Index has been rising and has reached a value of 88 at press time, showing that HBAR is overbought.However, traders might choose to hold and not sell, as other technical indicators suggested that the bullish momentum is gaining strength. Additionally, the Average Directional Index was tipping north, an indication that the press time trend was positive. The ADX value at 42 also suggested that the uptrend was strengthening.If the bullish momentum continues, HBAR will rally to resistance at the 1.618 Fibonacci level . The last time that HBAR flipped this resistance, it surged to $0.18.On the other hand, traders should watch out for support at $0.0546 as failing to hold this support level could trigger a trend reversal.
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