Hedera (HBAR) is currently facing significant price pressure as it navigates a long-term descending triangle. The cryptocurrency is nearing a critical support level, which it has maintained for over 380 days. Market analysts are closely watching whether HBAR will bounce back or if a breakdown leading to a substantial crash is on the horizon.
Recent analysis indicates that HBAR has struggled beneath a diagonal resistance trend line since December 2024. The rejection of price in July marked a pivotal moment, instigating a downward trajectory that has become increasingly pronounced. Currently, HBAR risks breaking below the crucial horizontal support area of $0.135, which could signal the onset of a major price decline.
Indicators within the weekly chart portray a bearish outlook for the cryptocurrency. The Relative Strength Index (RSI) has dipped below the neutral mark of 50, indicating weakness in price momentum. Additionally, the Moving Average Convergence Divergence (MACD) remains in negative territory, lending further credence to the bearish sentiment surrounding HBAR.
If HBAR does breach the $0.135 support level, analysts predict it could face a sharp decline—potentially dropping by as much as 50% until it reaches a more critical support zone at $0.065. Observing recent wave counts reveals that HBAR may have completed wave four of a five-wave downward movement, with the current phase suggesting the emergence of wave five. Should this wave materialize, it may drive HBAR down to approximately $0.102, reinforcing the notion that a breakdown may be imminent.
The rapid selling pressure that could ensue from a breach of the triangle’s support is a cause for concern among investors. Hedera is currently positioned at a pivotal juncture in its market cycle, where long-standing support is being tested against bearish momentum indicators and Elliott Wave predictions. Unless buyers can mount a decisive defense at the $0.135 mark, the cryptocurrency appears to be set for a sharp downward movement, with targets potentially hitting as low as $0.065 in the coming weeks.
Investors are urged to stay vigilant and consider the evolving market conditions while navigating this volatile landscape.
