HBAR Token Struggles: Key Insights
The crypto market remains volatile, and Hedera (HBAR) is no exception. The token has witnessed a significant decline of 19% in just the past week and nearly 39% over the last three months. Currently trading around $0.146, HBAR hovers near a critical support level that could dictate its short-term future trajectory.
Price Patterns and Trend Indicators
HBAR’s charts reveal a continuation of the bearish pattern. The token has been locked within a descending channel, a common indicator of extended downward trends. Recent attempts to break out of this channel have faltered as buyers shy away, paving the way for sellers to take control. Without sufficient demand, HBAR risks falling below its crucial $0.141 support level.
Why the $0.141 Support Level Matters
The $0.141 price point plays a pivotal role in holding off further declines. Falling below this level could expose HBAR to a new support zone at $0.134, signaling an 8.8% further drop. If this lower support fails to hold, the downtrend could accelerate sharply.
Technical Analysis: RSI and MFI
Technical indicators further underscore HBAR’s fragile position. The 12-hour Relative Strength Index (RSI) has exhibited hidden bearish divergence, signaling weakening momentum as the price slips lower.
Additionally, the Money Flow Index (MFI), which gauges dip-buying activity, has broken its upward trendline. A fall below the 36 mark on the MFI would confirm that buyers are stepping away entirely, leaving sellers in full control of the market.
Recovery Scenario
For any meaningful recovery, HBAR’s price must reclaim the $0.154 level on a daily close. Achieving this milestone could reinject confidence into the market and pave the way for a potential rally toward $0.1808. However, this recovery hinges on renewed buyer activity and improved market conditions.
Stay Updated with the Latest Insights
Crypto enthusiasts and investors should consider leveraging tools and resources that provide daily updates on market conditions. For real-time insights, subscribe to newsletters that specialize in cryptocurrency analysis, such as Editor Harsh Notariya’s Daily Crypto Newsletter.
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Conclusion
The ongoing downward pressure on HBAR prices highlights the need for close monitoring of key support and resistance levels. While $0.141 could act as a safety net in the near term, the broader market sentiment remains bearish. Until buyers regain confidence and momentum indicators shift positively, the risk of further downside persists.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making any investment decisions.
