Hedera price rallied over 8% this week amid a notable jump in the stablecoin supply held on the network.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to data from crypto.news, Hedera (HBAR<\/a>) price rallied 8.7% over this week amid a broader crypto market rebound largely fueled by Bitcoin reclaiming key support levels and improved investor appetite for risk assets amid a surge in tech stocks.<\/p>\n The token\u2019s rally also gained support from a jump in stablecoin supply held on the network. Data<\/a> from DeFiLlama show that its stablecoin supply has surged nearly 17% over the past seven days, driven largely by USDC, which accounts for about 99.8% of the total supply.<\/p>\n A surge in stablecoin means more users are transacting, deploying capital, or seeking yield on the network. Such activities tend to support retail sentiment.<\/p>\n <\/p>\n Demand from derivative traders also provided an impetus to HBAR\u2019s rally. Notably, Hedera futures open interest<\/a> has increased by 3% in the past 24 hours, while its weighted funding rate has also turned positive.<\/p>\n A positive funding rate means more traders are entering the market with bullish bets, which in turn is improving overall market sentiment.<\/p>\n On the daily chart, Hedera price has broken above a descending trendline that had been acting as a dynamic resistance, capping price movement since late October last year. When an asset breaks out of such a descending trendline resistance, it is typically a sign of a trend reversal, with dominance shifting to the hands of bulls.<\/p>\n The 20-day SMA appears close to moving above the 50-day SMA, forming what traders term a short-term bullish crossover. When such crossovers are confirmed, cryptocurrencies have often sparked sharp rallies.<\/p>\n Adding to the bullish outlook, the MACD lines have also pointed upwards and are close to moving above the zero line.<\/p>\n Hence, the price outlook for Hedera appears to be bullish for now, with the token most likely to target $0.12 next, which aligns with the 23.6% Fibonacci retracement level.<\/p>\n On the contrary, if bears can push the price below the 20-day SMA of $0.097, Hedera could enter a downtrend.\u00a0<\/p>\n\n
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