Will the Hedera Mainnet Upgrade Trigger More Price Rallies?

HBAR, the native token powering the Hedera Hashgraph distributed ledger, has seen a 10% price surge in the last 24 hours.

This price rally is driven by the spike in HBAR’s spot inflow, which is currently at its highest since December 19. The heightened trading activity is attributable to the anticipation around Hedera’s mainnet upgrade to version 0.57, scheduled for later today.

Hedera’s Upcoming Mainnet Upgrade Drives Trading Activity

Hedera will implement a mainnet upgrade to version 0.57 on Wednesday at 18:00 UTC. As the market awaits the introduction of new features, HBAR’s trading activity has increased. This is reflected in HBAR’s spot inflows, which have surpassed $8 million and reached their highest level in 27 days. 

This increase indicates a growing demand for Hedera’s native token, suggesting optimism about its near-term performance. Such inflows are bullish, as they often precede positive price momentum. This surge in spot inflow has fueled the 10% hike in HBAR’s value in the past 24 hours. 

Notably, on the HBAR/USD one-day chart, readings from its Elder-Ray Index confirm the uptick in buying activity. For context, this momentum indicator, which tracks the buying and selling pressure in a market by measuring the strength of bulls and bears, has returned a positive value for the first time in seven days. 

When an asset’s Elder-Ray Index is positive, buying pressure (bulls) is stronger than selling pressure (bears), suggesting a sustainable uptrend.

HBAR Price Prediction: $0.33 Resistance and $0.26 Support Define the Path Ahead

HBAR’s price has remained rangebound over the past month. It has faced resistance at $0.33 and has found support at $0.26. With the strengthening bullish bias toward the altcoin, it could break above the $0.33 resistance and rally toward $0.39.

Conversely, if selloffs intensify after the mainnet upgrade, HBAR’s price could witness a pull toward the $0.26 support. If it fails to hold, the altcoin’s price will plummet further to $0.24.