Hedera Price Breakout Tests Key Levels After Stablecoin Surge

Hedera (HBAR) is making waves in the crypto market, with traders closely watching key price levels. The current market price stands at $0.10384, and a 1-hour close above $0.10717 could push the price toward $0.13094 and then $0.15005. Conversely, a close below $0.09193 might see it drop to $0.08815. The price has recently broken through a descending trendline, signaling potential bullish momentum.

Adding to the optimism, an unverified report suggests that Hedera's native stablecoin supply has surged by 71% in the past week, reaching around $48 million. This increase, though small compared to HBAR's $4.58 billion market cap, indicates growing on-chain activity and network usage. The stablecoin market cap now ranks Hedera at 39th among blockchains, not far behind networks like Algorand and Cardano.

The technical outlook is mixed. The relative strength index (RSI) divergence reads 59.02, which is higher than recent bearish readings. However, the breakout needs confirmation with a 1-hour close above $0.10717 to validate the bullish scenario. Traders should watch for a sustained hold above the trendline during any pullback, as this would strengthen the upward move.

Futures volume is currently four times higher than spot volume, indicating that leveraged traders are driving most of the action. Open interest stands at $235.97 million, which could lead to rapid price movements if either key level is decisively breached. However, traders should remain cautious, as breakouts can reverse quickly, and the unverified stablecoin report adds uncertainty to the outlook.