Hedera’s native token, HBAR, is garnering significant attention in the cryptocurrency community as market analyst STEPH IS CRYPTO draws comparisons between its previous breakout cycle from 2020 to 2021 and the current market structure anticipated for 2024 to 2025. During the earlier cycle, HBAR experienced substantial growth, soaring from under $0.01 to over $0.50 after a prolonged accumulation period. Presently, the token is consolidating within a range of $0.03 to $0.10, a phase that, according to Steph, may signal the potential onset of another multi-month bullish trend.
Currently, Hedera is trading around $0.24, boasting a market capitalization of approximately $10.22 billion and a daily trading volume of $170.1 million, as reported by CryptoPulse. Analysts have identified critical support and resistance levels at $0.24 and $0.244, respectively, and suggest that a temporary dip toward $0.223 could precede a rebound targeting the range of $0.28 to $0.30.
Reflecting on the historical price movements, Steph highlights the 2020–2021 cycle where HBAR began below $0.01 before experiencing an impressive ascent above $0.50, punctuated by multiple peaks until a broader crypto market correction in 2022 curtailed its upward trajectory. The current setup is displaying noteworthy parallels. For several months, the asset has been trading in the $0.03 to $0.10 range, hinting at the construction of a solid foundation reminiscent of its earlier accumulation phase. If market conditions remain favorable, this pattern may set the stage for a significant upward shift.
In detail, recent market data shows HBAR’s performance with a slight 0.38% increase over the last 24 hours. The daily price chart reveals fluctuations between $0.239 and $0.244, indicating moderate volatility within the trading day. The network’s market capitalization remains robust at $10.22 billion, supported by a circulating supply of about 42.39 billion, placing it solidly within the top 25 digital assets.
During intraday trading, HBAR witnessed an initial surge toward $0.244, followed by a pullback to $0.241, and then a midday recovery, suggesting that selling pressure was evident near the $0.244 resistance level, which has been effective in capping further price increases. Despite this resistance, ongoing market activity has helped maintain a stable short-term outlook.
Notably, research from CryptoPulse indicates that HBAR has averaged around $0.23 in trading volume since a pivotal shift in September. As the broader market experiences a slowdown with the advent of October, analysts caution that there might be a brief dip below this average. On a two-hour timeline, Hedera continues to exhibit a higher-low pattern, with notable price action around $0.243, while the critical support level hovers close to $0.22.
The consensus among analysts is to monitor these key price levels closely. The immediate support at $0.24 and resistance at $0.244 could play pivotal roles in determining HBAR’s next moves. A decisive break above $0.244 might attract renewed buying interest, potentially leading to higher short-term price targets. Conversely, sustained trading beneath $0.24 could signal weakening momentum, hinting at the possibility of deeper pullbacks.
As trading volume remains steady and market participants keep a vigilant eye on these critical levels, the coming sessions are poised to be crucial in establishing HBAR’s next trend. Upholding the current higher-low structure while defending the $0.22 support could provide a solid foundation for a future upswing, echoing the historical price movements observed in earlier Hedera cycles.
