- HBAR’s value has surged due to increased accumulation.
- Price, however, remains significantly volatile and might see a correction.
Hedera [HBAR] jumped by 16% in the last week amid the launch of its first social network Calaxy. According to cryptocurrency price tracker CoinMarketCap, the altcoin’s price rallied by 15% in the last 24 hours, making it the highest gainer during that period.
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HBAR is not slowing down
At press time, HBAR exchanged hands at $0.06438 per token. The double-digit price rally in the last week was due to the commencement of a new bull cycle, which forced new liquidity into the HBAR market.
On a D1 chart, HBAR’s Moving Average Convergence Divergence (MACD) revealed the momentum shift from the sell side to the buy side on 5 August. This was when the MACD line crossed above the signal line, with the indicator marked by only green histogram bars since then. Within those nine days, HBAR’s value went up by 32%.
The re-entry of the bulls also caused the token’s Chaikin Money Flow (CMF) to ascend into positive territory. This indicator tracks the flow of money into and out of an asset over a period of time. A positive CMF value suggests that more money flows into an asset than out of it. Facing north at the time of writing, the HBAR market remained flooded with liquidity.
The price growth caused HBAR accumulation to increase in the last week. Momentum indicato
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Author: Abiodun Oladokun
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