Hedera (HBAR) Price Dip: Analysis & Outlook
Hedera (HBAR) experienced a significant price drop, falling 5% in the last 24 hours and over 25% in the past 30 days. This decline has triggered bearish signals across multiple technical indicators, raising concerns about a potential further price decrease.
HBAR Price Momentum Weakens
Technical indicators like the BBTrend and RSI point to weakening bullish momentum and increasing selling pressure. The BBTrend currently sits at -1.2, indicating bearish pressure, although a recent recovery from -3.27 suggests some stabilization. The RSI has plummeted to 22.29, firmly in oversold territory. This could signal a potential rebound, though continued selling pressure cannot be ruled out.
A recent short-lived rally was followed by this downturn, indicating a potential shift from a breakout attempt to a consolidation phase. While there's evidence of buyer support stemming from the recent bounce, the overall trend remains weak.
HBAR BBTrend. Source: TradingView.
Oversold RSI and Potential Rebound
The RSI, a momentum indicator measuring price change speed and size (0-100), is currently at 22.29. Readings below 30 typically indicate an oversold condition, which historically can precede a price rebound. However, it also reflects strong selling pressure.
HBAR RSI. Source: TradingView.
Critical Support Level at $0.153
HBAR is currently trading just above the $0.153 support level. A breakdown below this level could trigger a further decline towards $0.124. The recent formation of a death cross on the EMAs adds to the bearish outlook, suggesting potential for further losses. A sustained move above the immediate resistance at $0.168 could, however, signal a shift toward renewed buying interest.
HBAR Price Analysis. Source: TradingView.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Market conditions are volatile. Conduct your own research before making any investment decisions. Codeum provides blockchain security and development services, including smart contract audits and custom development, to mitigate risks in the crypto space.