Hedera’s native cryptocurrency, HBAR, has experienced a period of sideways trading over the last few days, following a phase marked by reduced investor engagement. This stagnation reflects limited market support, but there are early indications that momentum could be shifting, suggesting a potential recovery may be on the horizon for HBAR.
Recent technical analysis presents bullish signs for HBAR as the Relative Strength Index (RSI) indicates an upward trend, reflecting increased buying pressure among investors. This upward movement suggests a growing confidence in HBAR after weeks of subdued activity. However, the RSI remains below the critical neutral mark of 50.0, which suggests that while optimism is building, the bullish momentum has yet to achieve full confirmation. A breakthrough above the 50.0 threshold would indicate a shift into positive territory, potentially signaling the end of a 20-day bearish trend. Such a change could attract new investment and trading interest, reinforcing the upward sentiment surrounding the token.
Further supporting this bullish outlook is the Moving Average Convergence Divergence (MACD) indicator. Recently, the MACD has displayed a bullish crossover, with the indicator line crossing above the signal line. This technical pattern is often interpreted as a sign of waning bearish momentum and increasing buying interest. The implications of this crossover are significant; it frequently precedes a price rebound, suggesting that market sentiment is shifting towards a more favorable stance. If this momentum persists, HBAR may be poised to enter a stronger accumulation phase.
Currently, HBAR’s price is consolidating within a range between $0.178 and $0.162. For a clear breakout to occur, the cryptocurrency needs to close above the $0.178 resistance level. Achieving this would set the stage for a movement toward the $0.200 psychological barrier, indicating a potential upward trend. Reaching the $0.200 mark would require a 13.6% uptick from current levels, a target that appears feasible given the recent bullish crossover on the MACD and the rising RSI, contingent upon sustained investor engagement.
However, should selling pressure re-emerge, HBAR could revisit support at $0.162, prolonging its consolidation period. A breakdown beneath this support level could invalidate the current bullish thesis, leading HBAR’s price down toward $0.154 and signaling a resurgence of weakness within the market.
