- Hedera Hashgraph was the best-performing crypto coins on Monday.
- It surged as its shorts liquidations and open interest in the futures market rose.
- The coin also rose as the Calaxy app gained momentum.
Hedera Hashgraph’s (HBAR) price shot up on Monday morning as shorts liquidations and open interest in the futures market soared. HBAR rose to a high of $0.065, the highest level since April. It has surged by over 62% from the lowest level in July, meaning it has outperformed the likes of Bitcoin, XRP, and Ethereum.
Calaxy app launch
Hedera was one of the best-performing coins on Monday, with its closest rivals being ThorChain, ApeCoin, and Mina. There was no important news driving the currency’s performance.
One of the most recent Hedera Hashgraph news was the launch of Calaxy, a new social media dApp that uses its technology. Calaxy connects online creators to their followers directly. It was created by Spencer Dinwiddie, an NBA star and Solo Ceesay, a popular writer. The dApps shows how much Hedera Hashgraph is gaining traction among developers.
HBAR price also jumped as shorts liquidations jumped to the highest level since August 8th of this year. Data shows that shorts liquidations jumped to over $220k on Monday. Most of these liquidations came from ByBit followed by Binance and CoinEX. A higher shorts liquidation figure is seen as a positive thing for cryptocurrencies.
At the same time, Hedera Hashgraph’s open interest in the futures market soared by more than 21% in the past 24 hours. It jumped to over$27 million on Monday, up from $19.81 million on Sunday. It was the highest increase in a few days. Most of the open interest came from Binance, the biggest exchange in the world.
HBAR price prediction
Hedera Hashgraph price has been in a bullish trend, as I wrote here a while ago. On the four-hour chart, the coin rose above the important resistance level at $0.061, the highest level on July 20th. It also jumped above the 25-day and 50-day exponential moving averages (EMA).
Hedera Hashgraph retested the upper side of the ascending channel. Therefore, the outlook of the coin is bullish only if it moves above the upper side of the channel. If this happens, the next price to watch will be at $0.078, the highest level on April 2nd. This price is ~23% above the current level.
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