HBAR has recently experienced a sharp 40% price crash, raising concerns among investors. Despite this significant downturn, the altcoin has demonstrated resilience, holding above a critical support level of $0.228.
However, to ensure sustained momentum, this bounce back and recovery will require support not only from investors but also from the broader market conditions.
Hedera Is Facing Trouble From The Market
HBAR Price’s Relative Strength Index (RSI) is signaling a potential uptick, which suggests that bullish momentum may be picking up. Currently, the RSI is recovering from its monthly low, indicating that buying pressure is starting to increase. However, this momentum will only be confirmed once the RSI flips the neutral line at 50.0 into a support level.
Given the RSI’s current position, it may take some time to confirm a full recovery. A shift above the neutral line would signal a sustained bullish phase. Until that happens, the market will remain cautious, and the price recovery could face resistance at various levels.
The overall macro momentum of HBAR is showing signs of potential bullishness, as suggested by technical indicators like the Ichimoku Cloud. The indicator’s outlook points toward possible upside movement in the coming weeks. However, the candlesticks are currently situated below the cloud, signaling that any recovery might be delayed.
This positioning indicates that, while there is potential for a bullish move ahead, the market might not yet have the strength to support a rapid recovery. As market conditions are still adjusting, it may take time for HBAR to fully break above the cloud and enter a sustained bullish phase.
HBAR Price Prediction: Long Way Up
HBAR is currently trading at $0.246 and faces resistance at the $0.248 level. Given the lack of broader market support for a bullish outlook, it is likely that HBAR will remain consolidated in the coming days. A breakout past this resistance may provide short-term momentum, but further upside could be limited.
Even if HBAR manages to breach $0.248, it would not be enough to recover the 40% loss the altcoin recently endured. The next significant resistance would be around $0.374, but momentum is not strong enough to push HBAR beyond $0.300 in the near term. The market will likely require more bullish support before HBAR can sustain higher levels.
If bearish momentum takes control, HBAR could face a drop below the support level of $0.228, which may push the price toward $0.200 or lower. This scenario would invalidate the current bullish-neutral outlook and likely extend the price decline, further eroding investor confidence.
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Disclaimer
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