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Hedera (HBAR) Slumps 4%, Faces Key Resistance Level
Hedera (HBAR) is down more than 4% in the last 24 hours, with its market cap now at $8.4 billion. Despite a short-term spike earlier today, HBAR’s BBTrend remains negative, signaling persistent bearish momentum.
However, the Ichimoku Cloud indicates a potential bullish reversal if buying interest strengthens. If short-term EMA lines cross above long-term ones, HBAR could test resistance at $0.24 and potentially rise above $0.30 for the first time since February 1.
HBAR BBTrend Shows a Failed Bullish Trend Attempt
HBAR’s BBTrend is currently at -0.71 and has remained negative since February 18, indicating a persistent bearish momentum. The indicator hit a negative peak of -6.21 on February 20 before gradually recovering to -0.06 yesterday, only to drop again.
BBTrend, or Bollinger Band Trend, measures the momentum and direction of price movements relative to the Bollinger Bands. A negative value suggests that the price is trending toward the lower band, signaling bearish sentiment, while a positive value indicates bullish momentum toward the upper band.
Hedera’s BBTrend at -0.71, dropping from -0.06 yesterday, suggests that bearish momentum is regaining strength after a brief recovery attempt. This reversal indicates renewed selling pressure, potentially leading to further price declines if the negative trend continues.
The inability to maintain a positive shift signals weakness in buying interest, increasing the likelihood of continued downside movement for HBAR. If BBTrend remains negative, HBAR could face more selling pressure until a clear reversal emerges.
HBAR Ichimoku Cloud Shows a Bullish Trend Could Form, But It’s Not Established Yet
The Ichimoku Cloud chart for HBAR shows that the price has recently broken above the cloud, which is typically a bullish signal. However, the cloud ahead is thin and slightly bearish, indicating weak resistance.
The blue Tenkan-sen line is above the red Kijun-sen line, suggesting short-term bullish momentum. Yet, the close proximity of these lines signals a lack of strong trend conviction.
The green Chikou Span line is above the price, confirming bullish sentiment, but it is close to the candles, indicating indecision. The breakout above the cloud needs to be sustained for a continued uptrend. If the price falls back below the cloud, it could invalidate the bullish breakout.
Overall, while the chart shows a short-term bullish signal, the weak cloud and narrow gap between the Tenkan-sen and Kijun-sen suggest caution, as the trend is not strongly confirmed.
Hedera (HBAR) Could Rise Back To $0.3 If This Happens
HBAR’s EMA lines indicate that the bearish trend remains dominant, with short-term lines positioned above long-term ones, signaling continued selling pressure.
However, the Ichimoku Cloud suggests the possibility of a bullish reversal.
If the short-term EMA lines cross above the long-term ones, it could trigger buying interest, leading HBAR to test the resistance at $0.24. Breaking above this level could push the price to $0.29, and if the momentum continues, HBAR could rise to $0.32, marking its first move above $0.30 since February 1.
Conversely, if the current downtrend persists, HBAR price could retest the support at $0.19. A break below this level would indicate increased bearish momentum, potentially leading to a drop to $0.179.
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