Hedera Hashgraph price poised for a 15% rally after a massive rise in social volume

Hedera Hashgraph (HBAR) price is poised for a rally with indications of a rising momentum. This comes after the governing council meeting in the Google headquarters, a conference centered around staking and the fractionalized property tokenization on the Hashgraph network.

  

Also Read: Hedera Hashgraph price sees bulls attempting to pair back losses, head North on 25% upswing

Hedera price needs to add momentum for a rally

Hedera Hashgraph (HBAR) price is reading for a rally riding on the back of council members going into executive session to discuss staking, tokenization of property, and the percentage of transaction fees channeled toward staking rewards.

As chatter and hype around the development continue, Hedera price has benefited from the social dominance, causing HBAR to cement the support at $0.049, which could prove instrumental in driving the uptrend. Notably, a lot of uncollected liquidity lies below this level, making the case stronger for the bulls.

An increase in buying pressure above the current price of $0.050 could see Hedera price tag the 50-day Exponential Moving Average (EMA) at $0.055. A flip of this roadblock into support could pave the way for HBAR to complete a 15% climb and confront the formidable hurdle at $0.057.

In a highly bullish case, Hedera price could conquer resistances due to the 100-and 200-day EMA at $0.058 and $0.063 levels before an attempt to tag the $0.078 resistance level, last tested in early April. This outlook is supported by the Relative Strength Index (RSI), which had tipped North, and the Awesome Oscillators (AO) edging toward the positive zone. It points to a growing bullish momentum.

HBAR/USDT 1-Day chart

On-chain metrics: Social volume

Santiment data shows that news of the meeting has provoked a rise in social volume on the Hedera network, adding credence to the upside. This metric indicates the number of HBAR coin mentions on over 1000 social media avenues.

Based on the chart above, HBAR recorded a 669% increase in social mentions across over 1000 social media platforms between May 27 and June 3.

Nevertheless, it is worth mentioning that Hedera price would need a lot more buying power and, therefore, effort from the bulls to scale an uptrend. The altcoin could also benefit from a bullish influence from Bitcoin (BTC).

If buyer momentum wanes, bears could push Hedera price below the $0.049 support level, exposing HBAR to a cliff toward the $0.044 support level or, in the dire case, retest the $0.036 support floor, levels last seen in early January.