Hedera (HBAR) is showing signs of attempted recovery after weeks of subdued movement. The recent uptick comes amid a bullish wave across the broader crypto market and renewed investor support.
However, whether HBAR can sustain this rebound largely depends on Bitcoin’s trajectory.
Hedera Investors Are Bullish
HBAR currently shares a strong correlation of 0.95 with Bitcoin, signaling that its movements are closely tied to the market leader. A high correlation often means HBAR will mimic BTC’s direction, which could be favorable if Bitcoin sustains its current momentum.
With Bitcoin trading above $117,000 and maintaining an upward push, HBAR could benefit directly from this rally. Investors are likely to view the altcoin’s performance through Bitcoin’s lens, meaning any bullish extension from BTC could serve as a catalyst for HBAR’s price growth.
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Beyond correlation, the Chaikin Money Flow (CMF) for HBAR is showing a sharp uptick, moving firmly into positive territory. This reflects growing investor inflows and suggests rising confidence in the asset’s short-term trajectory. Sustained capital movement is a key driver for bullish price action.
Strong inflows also indicate that HBAR is attracting attention despite broader market uncertainty. If investor participation continues at this pace, HBAR could secure a foundation for further gains, particularly as it attempts to break free from its ongoing downtrend.
HBAR Price Can End The Downtrend
At the time of writing, HBAR is priced at $0.244, just under the resistance of $0.248. The altcoin remains trapped in a downtrend that began in late July, making this resistance level crucial for recovery.
If bullish momentum persists, HBAR could breach $0.248 and target $0.266. Successfully flipping these levels into support would end the ongoing decline and establish the groundwork for extended growth in the coming weeks.
However, if HBAR fails to mirror Bitcoin’s strength or loses investor backing, it risks slipping through the $0.241 support. Such a breakdown could send the price toward $0.230 or even $0.219, effectively invalidating the current bullish outlook.
Bitrue