Amid cryptocurrency market turbulence, Hedera Hashgraph (HBAR) garners special attention. Testing the $0.230 monthly support briefly, HBAR encounters heightened bearish pressure. Yet, a potential repetition of history could present investors with a rebound opportunity.
The Relative Strength Index (RSI) of HBAR indicates an increasing bearish momentum, with the RSI currently below the neutral level of 50.0. This evolution suggests rising selling pressure, potentially leading to a decline in HBAR prices. Additionally, the Squeeze Momentum Indicator (SMI) shows that bearish strength is intensifying, signaling a possible increase in volatility.
Currently trading at $0.234, HBAR is testing its monthly support at $0.230. This third approach to this level could be decisive. If he manages to maintain this support, a bounce toward $0.244 could be anticipated.
However, if bearish pressure persists, HBAR could lose its crucial support at $0.226. A drop below this level could trigger a cascade of short liquidations and a return to the demand zone between $0.14 and $0.16, representing a potential decline of nearly 34%.
Although the situation is concerning, history might repeat itself. If HBAR bounces off the $0.2260 support, as it has done in the past, this could pave the way for a price recovery up to $0.271, signaling a momentum shift favorable to investors. Conversely, a break of this support would invalidate the bullish thesis, exposing HBAR to further declines.
Savvy crypto market investors should therefore closely monitor HBAR’s evolution in the coming sessions, as the potential rebound could represent an interesting opportunity to seize.
The 12H RSI approaching oversold territory could be a good indicator to watch. Clearly, Bitcoin’s reaction at $110,000 will be even more decisive for altcoins like HBAR.
HBAR could explode in the coming months as ETH has approached its all-time high and stablecoins are experiencing massive adoption. Here’s how to easily buy this promising blockchain’s token on Bybit:
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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