HBAR’s long/short ratio reaches 1.09, highest in 30 days.
Futures open interest climbs 18% to $205 million
Traders eye potential breakout to $0.199 if current momentum continues.
The cryptocurrency Hedera (HBAR) is experiencing a shift in market sentiment as traders increasingly position themselves for potential upside, following broader market recovery in the past 24 hours. Key derivatives metrics show a decisive move toward bullish positioning, suggesting growing confidence in HBAR’s near-term prospects.
Data from Coinglass reveals that HBAR’s long/short ratio has climbed to 1.09, marking its highest level in the past month. This technical indicator, which measures the proportion of long positions (bets on price increases) to short positions (bets on price declines), has crossed above the neutral threshold of 1.0, signaling that derivatives traders are now predominantly optimistic about HBAR’s price trajectory.
HBAR Long/Short Ratio. Source: Coinglass
The significance of this ratio crossing above 1.0 cannot be overstated in derivatives trading. When the long/short ratio falls below one, it indicates market participants are positioning for price declines. However, HBAR’s current reading above one demonstrates that traders are actively opening positions in anticipation of continued upward momentum.
HBAR’s futures open interest spikes
Further validating this bullish sentiment is the substantial increase in HBAR’s futures open interest, which has risen 18% over the past day to reach $205 million. This surge in open interest, which represents the total number of outstanding futures contracts that haven’t been settled, coincides with HBAR’s approximately 10% price increase during the same period.
When open interest and price rise simultaneously, it typically indicates new capital flowing into the market rather than just existing traders adjusting positions. This combination suggests strong conviction behind HBAR’s current uptrend, as fresh money enters to support and potentially extend the price movement.
HBAR Futures Open Interest. Source: Coinglass
From a technical analysis perspective, the coin is positioning itself just above the resistance level at $0.190. Traders are closely monitoring whether bulls can successfully convert this previous resistance into a support floor. If they succeed, it could provide the foundation for the coin to extend its uptrend toward the next key level at $0.199.
The $0.199 price target represents a significant psychological level, as it would bring HBAR within striking distance of the important $0.20 threshold. Breaking above this round number could potentially trigger increased media attention and retail interest in the token.
However, market participants remain cautious about potential downside risks. If selling pressure intensifies and bears regain control of the market, HBAR could surrender its recent gains and potentially decline toward the $0.153 support level. This would invalidate the current bullish scenario and potentially signal a continuation of the range-bound trading that has characterized HBAR in recent weeks.
HBAR’s price action comes amid renewed interest in layer-1 blockchains with enterprise connections. Hedera, with its governance council including major corporations like Google, IBM, and Boeing, continues to position itself as an enterprise-friendly distributed ledger technology platform focused on real-world applications.