Hedera’s price has recently experienced significant volatility, facing rejection at a key daily resistance level of $0.194 on November 11. Following this setback, the cryptocurrency saw a sharp decline of over 32% over the following ten days, ultimately testing the weekly support level at $0.125. However, during the weekend, HBAR exhibited signs of recovery, rebounding by 13% after reaching this support area. As of Monday, the cryptocurrency continues to show positive movement, trading around $0.150.
Analysts suggest that if HBAR sustains its recovery and manages to close above the daily resistance level of $0.152, it may trigger an upward rally towards the 61.8% Fibonacci retracement level at approximately $0.172. This level correlates closely with the upper trendline of a falling wedge pattern, which could indicate further bullish potential if the price action remains favorable.
In a broader market context, Bitcoin has also encountered significant challenges. The flagship cryptocurrency faced rejection at $106,453 on November 11 and has since experienced a decline of more than 20%, reaching a low of $80,600 last Friday. However, Bitcoin displayed a slight recovery over the weekend, managing to close above $86,830 on Sunday. As of Monday, BTC is trading above $87,700. Should this recovery continue, analysts point to a potential rally towards the next key resistance level at $90,000.
Meanwhile, Ethereum (ETH) is under pressure, down 3% as of Friday. The leading altcoin is facing considerable selling pressure from both retail and institutional investors in the U.S. across spot and derivatives markets. This downward trend for Ethereum mirrors the overall condition of the cryptocurrency market, which has been dampened by a robust U.S. jobs report and increasing concerns regarding a possible AI bubble. These factors have contributed to a broader aversion to risk assets, compounding selling pressures within the market.
