Hedera Hashgraph (HBAR) is currently clinging to the $0.14 support level** after failing to break through a critical resistance zone near **$0.15. Traders are closely monitoring whether HBAR will continue its downtrend or build momentum for a reversal. Short-term chart formations suggest a potential shift in sentiment, but a decisive move is needed to confirm a new trend direction.
Descending Channel Signals Continued Pressure Below $0.15
A descending channel has guided HBAR’s price movement since early May, characterized by lower highs and lower lows. The 50 EMA has reinforced this downtrend, acting as dynamic resistance during recovery attempts. Each rejection around $0.15 aligns with the channel’s upper boundary, making it a pivotal level for traders.
Key observations:
- The channel remains intact, with a projected path toward $0.125 (historical support).
- A confirmed close above the 50 EMA and descending resistance is needed to shift the bias upward.
Market Data Reflects Cautious Sentiment Despite Strong Fundamentals
HBAR Key Stats (as of latest data):
- Price: $0.14 (down 4.45% in 24h)
- Market Cap: $6.1B (Rank #29)
- Circulating Supply: 42.37B HBAR
- 24h Volume: $139.6M
Recent price action shows consolidation near $0.14, with weak momentum and subdued volume. The broader crypto market’s mixed sentiment adds to the cautious outlook.
Short-Term Patterns Offer Reversal Hopes
A bullish pennant on the 1-hour timeframe suggests potential upside:
- Breakout Target: $0.1837 if resistance is breached.
- Requires confirmation via rising volume.
Daily chart indicators:
- RSI: 41.31 (recently crossed above its MA, hinting at buying interest).
- Balance of Power (BoP): -0.00855 (seller dominance).
A decisive move above $0.16 with strong volume is needed to confirm a trend reversal.
FAQs
1. What is HBAR’s next key support level?
HBAR’s immediate support is $0.14**, with stronger historical support at **$0.125.
2. What would signal a bullish reversal for HBAR?
A breakout above $0.15 (descending resistance) with high volume, coupled with RSI rising above 50.
3. How does HBAR’s market cap compare to other cryptos?
At $6.1B, HBAR ranks #29, reflecting strong liquidity despite recent bearish pressure.