Hedera has struggled since early March, losing approximately 10% on its monthly chart.
While the downtrend signaled bearish trends, HBAR’s price settled at a crucial demand territory.
As Hedera prices sit at a vital demand and support area, enthusiasts watch for potential buyer resurgence, which could trigger notable bounce-backs.
Key levels to watch
Hedera is at a critical turning point, targeting impending breakouts to new price highs.
The Crypto Express highlighted HBAR’s prevailing consolidations inside a descending triangle pattern, hinting at a massive move.
#HBAR/USDT ANALYSIS
HBAR is consolidating within a descending triangle pattern, currently trading inside the horizontal demand zone. This level is providing support, preventing further downside for now.
The Ichimoku Cloud is acting as a resistance barrier above the pattern,
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The chart shows the token hovering in a horizontal demand region (0.182 – $0.0185).
The zone previously prevented further declines as it offered a robust support barrier.
That indicates intensified demand in this region, suggesting potential trend reversals for HBAR.
Stability beyond the foothold could catalyze near-term bounce-backs.
However, the chart shows Hedera trading within a descending triangle setup.
The bearish pattern forms when prices make lower highs with a flat support zone.
Breaching the structure to the downside could intensify HBAR’s declines to new lows.
The Ichimoku Cloud presents crucial resistance, with the red cloud depicting notable selling momentum.
Bulls should push prices above this region to confirm reversals.
The improving HBAR sentiments
Hedera reflects optimism as buyers re-emerge.
The prevailing optimism shows traders anticipating upside breakouts from the demand region.
Technical indicators paint a bullish picture of HBAR’s short-term price action.
The Chaikin Money Flow has climbed from yesterday’s low of -0.23 to +0.10 at press time.
Source – TradingView
That underscores increased accumulation, with investors optimistic about the project’s future performance.
Also, the 4H MACD demonstrates bullish resurgences with an upside crossover and green histograms.
The daily Relative Strength Index’s gradual uptrends signal improving momentum as buyers join cautiously.
The RSI at 45 suggests adequate room for significant rallies before Hedera approaches the overbought territory.
On-chain metrics support HBAR’s upside narrative.
The Open Interest increased by nearly 4% to $197.58 million (Coinglass data).
That signals more cash entering the Hedera ecosystem, indicating significant momentum in the prevailing price trend.
A rising Open Interest amid bullish price actions confirms an upside bias for an asset.
HBAR price outlook
The native token joined crypto market recoveries over the past day.
Hedera trades at $0.1918 after a 4.28% increase in the past 24 hours.
Chart by Coinmarketcap
The surged daily trading volume depicts renewed investor interest, hinting at continued uptrends in the near term.
Enthusiasts will watch the demand zone at around $0.18 for breakout confirmation.
Continued uptrends from this barrier could trigger trend reversals for Hedera.
However, the altcoin should break the Ichimoku resistance and the descending trendline for solid uptrends.
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