Hedera (HBAR) continues to face challenges as it navigates a prolonged bearish phase, with price movements failing to align with a downward trend on larger timeframes. Analysts express concern that the cryptocurrency’s market may soon experience another round of downward pressure.
Despite short-term stabilization attempts, the overall technical outlook remains weak, with market indicators reflecting dwindling engagement. Wave-based forecasts suggest that the current corrective phase is not yet complete, heightening market apprehensions.
Recent data from CoinMarketCap shows that HBAR traded within a narrow range of $0.110 to $0.114 over a 24-hour period, frequently encountering resistance at the upper boundary. Each attempt to climb toward the intraday high was met with selling pressure, resulting in a series of declining reaction highs. The price typically lingered around the $0.11 support zone, indicating that buyers are primarily focused on defending this level rather than pursuing upward momentum.
Volume analysis indicates decreasing market participation, with trading spikes diminishing throughout the day. This trend often signals exhaustion rather than accumulation, suggesting that short-term buyers are withdrawing from the market. The combination of sideways price movement and declining volume points to a potential buildup for a directional breakout, although the current structure leans bearish unless a significant catalyst appears.
Additionally, data from BraveNewCoin reveals that Hedera’s trading price is approximately $0.11, reflecting a 0.94% decline within the past 24 hours. The network’s market capitalization stands at approximately $4.67 billion, with 24-hour turnover decreasing to $98.38 million, indicating reduced speculative trading activity. With a total supply of 42.79 billion tokens, Hedera ranks as the 35th largest cryptocurrency. Notably, the current price is approximately 81% below its historical high of $0.57, which was reached in September 2021, pointing to a long-term sentiment of accumulation being stifled.
The recent pullback in trading volume highlights traders’ reluctance to commit, which keeps the risk of downside volatility elevated as long as resistance levels remain intact.
In a recent update, analyst MCO Global DE outlined the ongoing bearish trend for Hedera, suggesting that wave 3 of (c) is currently in motion. This analysis implies that the price could potentially drop to around $0.088, aligning with the 78.6% Fibonacci retracement level from the last upward movement.
To reverse the current bearish trend, Hedera would need to recover and sustain a price above $0.13. Until that threshold is met, the technical landscape appears fraught with risks, with sellers dominating the market trajectory. Traders are keenly observing whether the existing demand zone can withstand pressures or if an anticipated downward impulse will materialize.
