HBAR price rose 15% on Feb. 6 to reach a 20-day peak of $0.78, hours after the Hedera team confirmed a $250 million agreement with the Saudi Arabian Ministry of Investment.
Hedera’s recent five-year partnership agreement with the Saudi Arabian government has initiated positive price action. But notably, a vital market metric suggests derivatives traders could scuttle the HBAR price rally.
Hedera price soared 15% as investors reacted to Saudi partnership
HBAR price has been trending down since the crypto market correction that heralded the Bitcoin ETF approval in mid-January.
The Hedera blockchain native coin had tanked 22% between Jan. 11 and Feb. 5, But the momentum flipped bullish following the announcement of Hedera’s partnership with the Saudi Arabian government on Feb. 6.
Details of the partnership outlined an investment plan enabling companies to create advanced technological solutions at the newly launched DeepTech Venture Studio in Riyadh.
In a dramatic turn of events, HBAR price gained 15%, rising from $0.69 to $0.77 within 24 hours of the announcement, as depicted in the chart above.
Speculative traders placing large bets on retracement
The rare rally sent Hedera to a 20-day peak after three consecutive weeks on the back foot. However, a vital market metric shows that speculative traders may scuttle the recovery phase.
Coinglass’ funding rate metric tracks real-time swings in fees paid by long and short trades in the derivatives markets to keep their contract positions open.
The HBAR funding rate has recorded a noticeable decline in the negative zones as market activities swung bullishly in the spot markets. A close look at the chart below
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Author: Ibrahim Ajibade
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