Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
600% Hike Pushes Hedera (HBAR) Open Interest to All-Time High, Traders Expect More

600% Hike Pushes Hedera (HBAR) Open Interest to All-Time High, Traders Expect More

BeInCryptoBeInCrypto2024/12/07 07:30
By:Victor Olanrewaju

Hedera (HBAR) open interest has surged to a record $417 million, indicating strong market sentiment.

Hedera (HBAR) open interest has hit a new all-time high following its 600% price increase in the last 30 days. This rise signifies the highest trader interaction with the token since its inception. 

Looking ahead, several key indicators suggest HBAR’s price rally and bullish momentum may persist. Based on this on-chain analysis, here is what could be next for the cryptocurrency.

Hedera Has Traders’ Attention on Lock

Some days back, BeInCrypto reported how HBAR’s open interest surged to $220 million. But as of this writing, the same indicator, according to Glassnode, has risen to $417.98 million. OI, as it is fondly called, represents the total number of open positions in a contract, with each position having an equal buyer and seller.

An increase in OI suggests that traders are actively increasing their market positions, with buyers becoming more aggressive than sellers, driving the overall net positioning higher. Conversely, when OI decreases, it indicates that market participants are reducing their positions, signaling less market activity.

Furthermore, the rising price paired with increasing OI may seem to suggest more longs (buyers) than shorts (sellers). The true takeaway is that participants are either ramping up or unwinding their positions, with a growing OI typically indicating a stronger trend.

600% Hike Pushes Hedera (HBAR) Open Interest to All-Time High, Traders Expect More image 0Hedera Open Interest. Source: Glassnode

Therefore, the increase in the altcoin’s OI with the recent rally suggests that HBAR’s price might soon trade higher. Meanwhile, the token’s funding rate has also remained in the positive region. 

A positive funding rate indicates that the contract price is trading at a premium to the index price, with long positions paying funding to short positions. Conversely, when the funding rate is negative, the perpetual contract price trades at a discount to the index price, meaning short positions pay funding to long positions.

Considering the current position, longs are paying a funding fee to shorts, suggesting that traders are betting on a further price increase. 

600% Hike Pushes Hedera (HBAR) Open Interest to All-Time High, Traders Expect More image 1Hedera Funding Rate. Source: Santiment

HBAR Price Prediction: Rally to Accelerate

On the 4-hour chart, HBAR’s price has broken out of a descending triangle that formed between December 3 and 6.  A descending triangle is a pattern that typically signifies a potential downtrend. 

It forms with a descending upper trendline, indicating lower highs, and a flat horizontal trendline at a lower level, acting as support. As the price approaches the apex of the triangle, a breakdown below the support level often suggests a continuation of the downtrend.

However, HBAR did not break below the support level. Instead, it surged above the lowest level of the falling channel. With this trend, the token’s value will likely rise to $0.42 in the short term.

600% Hike Pushes Hedera (HBAR) Open Interest to All-Time High, Traders Expect More image 2Hedera 4-Hour Analysis. Source: TradingView

In the long term, HBAR’s price could be higher. However,  retracement below the support line at $0.28 could send the cryptocurrency further down. If that happens and HBAR Open Interest drops, the price could decline to $0.22.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

SEC Meets Citadel to Discuss Tokenization Plans

The SEC held talks with Citadel Securities to explore the future of tokenization in traditional finance.Wall Street & Web3: A Quiet RevolutionTokenization Gains Ground on Wall StreetA Glimpse Into the Future of Finance

Coinomedia2025/07/23 11:50
SEC Meets Citadel to Discuss Tokenization Plans

Tether Unveils Investment Portfolio with 120+ Companies

Tether reveals its venture portfolio, including 120+ firms like Bitdeer and CityPay, showing its broader push beyond stablecoins.Who’s in the Portfolio?A Broader Vision for Tether

Coinomedia2025/07/23 11:50