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- Total cryptocurrency market cap has reached $3.08 Trillion.
- Currently, HBAR price is striving to break through the $0.120 resistance level.
- Short liquidations reached a six-month high of $1.42 Million.
November has been a standout month for the crypto market, with Bitcoin (BTC) consistently trading above $90,000, according to recent price action.
This surge has generated significant interest, reflecting a strong bullish sentiment in the fourth quarter of this year.
According to CoinMarketCap, the total cryptocurrency market cap has reached $3.08 Trillion, marking a nearly 2% increase in the past 24 hours, despite a 14% drop in trading volume.
Notably, Hedera (HBAR) has emerged as one of the top gainers among major cryptocurrencies. At the time of writing, HBAR price had surged by 40% in the last 24 hours, currently trading at $0.114.
Continue reading for more insights in HBAR price.
HBAR Price Action November 2024?
HBAR, the native cryptocurrency of the Hedera ecosystem, had been stuck in a consolidation phase since August until its recent breakout.
This week, HBAR price surged over 100%, following a failed attempt to break out on November 12th, which resulted in a bull trap and significant long liquidations.
The subsequent momentum was remarkable, with a 40% gain in just 24 hours.
Currently, HBAR is on track to retest its April high, with a clear aim to break through $0.18420, potentially leading to higher levels.
The rally began on November 5th, in line with the broader bullish sentiment in the cryptocurrency market this month.
Initially, HBAR price overcame resistance at $0.072 and $0.092, and it is now striving to break through the $0.120 resistance level.
What do Indicators Tell about HBAR price?
HBAR’s price is currently trading above the 200-day EMA band, finding solid support there.
The MACD indicator shows strong momentum, with its histogram increasing to 0.00641. Similarly, the Awesome Oscillator (AO) also indicates strong momentum at 0.02689, with no signs of slowing.
Additionally, the Chaikin Money Flow (CMF) value is above the zero line at 0.32, indicating a significant inflow of money.
However, a short-term correction might be on the horizon as the RSI has reached 90, well above the overbought threshold of 70. Typically, an RSI reading of 90 suggests that the market is overheated.
Investors should conduct thorough research and avoid making decisions based on FOMO (Fear of Missing Out).
How Many Were Trapped in Bull Trap Scenario & What’s Next
On November 12th, HBAR price surged to $0.077, only to quickly pull back by over 20%, indicating a bull trap.
This initial rise likely spurred an increase in leveraged long positions, especially as major cryptocurrencies like Bitcoin were hitting new highs.
Liquidation data from Coinglass confirmed this bull trap scenario, with HBAR’s total liquidations peaking at $886,150 on November 12th, and short positions reaching $539,450.
Following this, HBAR crypto saw renewed interest, leading to a significant price increase.
As of now, short liquidations have hit a six-month high of $1.42 Million, while long liquidations stand at $888,290. This data suggests a positive outlook for HBAR in the upcoming sessions.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
