CandleFocus

Hedera’s Upcoming Mainnet Upgrade Propels Spot Inflows to 27-Day High 

The native token of Hedera Hashgraph, HBAR, has experienced a 10% increase in price within the last 24 hours. This surge is attributed to a rise in HBAR's spot inflow, which is at its highest since December 19. The increase in trading activity is due to the anticipation surrounding Hedera's mainnet upgrade to version 0.57, set to occur later today. This heightened demand for HBAR suggests optimism about its performance in the near future and is reflected in the $8 million spot inflow. The surge in spot inflow has contributed to the 10% hike in HBAR's value. The Elder-Ray Index also confirms the increase in buying activity and suggests a sustainable uptrend. While HBAR has faced resistance at $0.33 and found support at $0.26, the strengthening bullish bias could potentially push its price above $0.33 and rally towards $0.39. However, if there is intensified selling pressure after the mainnet upgrade, HBAR's price could pull back towards $0.26, and if it fails to hold, it could drop further to $0.24.

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