Hedera (HBAR) Price Analysis: Is the $0.1700 Support Level About to Crack?
- HBAR is approaching a key resistance level, indicating a potential breakout or rejection.
- Technical indicators are mixed, with bearish momentum clashing against signs of short-term recovery.
- A descending triangle pattern is forming, often seen as a bearish continuation signal.
- Traders are urged to monitor support levels closely as market sentiment remains uncertain.
HBAR is gaining bullish strength amid overall market recovery from its weeks of volatility. With the recovery of BTC from support levels, altcoins like HBAR are gaining strength, offering traders and investors optimism for the breakthrough. A continuation above current levels of resistance may mark the start of a bullish trend.
At the time of writing, HBAR is trading at $0.1760, with a 24-hour trading volume of $157.06M and a market cap of $7.42B. HBARs price in the last 24 hours has risen by 3.16%, and in the last week its price has been impacted by market volatility and has decreased by nearly 3% and is exhibiting signals for further price rise.
Source: CoinMarketCap
HBAR Struggles at Resistance; Is a Drop Coming?
A prominent crypto analyst highlighted that Hedera (HBAR) is currently showing signs of weakness, with technical analysts calling for the creation of a descending triangle pattern in the charts, a well-established bearish continuation signal.
Price has contained an area of a notable support level at $0.1700 and resistance at around $0.1800, where pressure is mounting, and there is a pending break. This type of pattern, where low highs and stable support are seen, usually portends a move downwards if the support level does not hold.
While the Relative Strength Index is at oversold levels, suggesting a short-term recovery, the Moving Average Convergence Divergence is still bearish and shows no sign of reversal of momentum. This discrepancy among the technical indicators is an indication of a mixed market. There might be temporary buying, although with buyers still controlling the overall structure. An oversold RSI may see the market recover slightly, but unless there is a volume drive above $0.1800, such movement might not have much strength.
Source: X
Market observers advise traders to exercise caution as HBAR hangs at a pivotal technical level. A clean breakdown below the level of $0.1700 will bring the downward trend, but any failed attempt to cross above the resistance will reinforce the bearishness. With the overall crypto space still under the cloud of macroeconomic uncertainty and Bitcoins shaky recovery, HBAR is in a vulnerable position, something to track in the next few days.
Related Reading: XRP Price Trends: Can the $1.85 Buy Zone Lead to a Breakout to $3.87?
Read more: https://www.tronweekly.com/hedera-hbar-price-analysis-is-the-0-1700-support-level-about-to-crack/
Text source: TronWeekly
