HBAR delivers impressive weekly gains, soaring into the list of the best performing cryptocurrencies in the first week of December.
HBAR bulls pull off robust weekly gains but the demand wave could be fizzling out. Here’s a recap of its performance and Hedera network activity.native cryptocurrency HBAR has been building on the bullish momentum that it achieved in November. It just concluded one of its most bullish weeks, earning a spot in the list of top gainers in the last seven days.
HBAR traded as low as $0.164 and achieved a weekly high of $0.392. This means the price went up by 136% from its weekly bottom to weekly top. The recent rally extended its gains to 831% from its current 2024 low in November.The cryptocurrency’s weekly rally also pushed the price to a new all-time high. HBAR was oversold at the time of writing, and some sell pressure had already manifested. A sign that traders who bought at recent lows have been taking profits.
Open interest has also been building up during the week. It peaked at $459.87 million on Saturday, marking a new all-time high.Funding rates were still positive at the time of observation. A sign that demand was still outweighing any potential sell pressure building up in the derivatives segment. A surge in negative funding rates would signal strong incoming sell pressure.HBAR could be due for more downside as the bullish momentum slows down.
Volume peaked at $67.59 million on that day, which was also the highest recorded on-chain volume that the Hedera network has ever achieved.Hedera’s volume has since declined to a third of its peak. TVL also peaked on 3rd December at $211.86 million. It has since dropped to $196.65 million, although this recent peak was courtesy of HBAR price gains.In HBAR terms, the TVL has been declining since mid-November from 1.06 billion HBAR as of 16th November to 594.67 HBAR as of 8th December.
The sharp TVL decline could point to lower confidence or profit-taking as prices went up. It may not necessarily inspire confidence among investors but HBAR could still continue rallying if demand makes a comeback.Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis.
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