HBAR/USDT Technical Analysis
Hedera keeps strengthening its enterprise-focused solutions. The recently announced v0.68 testnet update introduces several important improvements to the network. However, while the technology is moving forward, HBAR’s price has dropped more than 11%, bringing investor attention back to one key question: Can the major support levels hold?
These developments indicate that HBAR is being tested both technically and in terms of market sentiment.
Analyzing the chart on the daily time frame, we see that HBAR is still moving inside a descending triangle, and the price is now testing the lower boundary of this formation. This level is crucial since it acts as both horizontal support and the bottom of the formation.
The price of the coin has been under downward pressure for some time, forming lower highs on every bounce. Meanwhile, the $0.1290 level has consistently acted as a strong support. The current touch of this level increases the chance of a short-term rebound.
Short-term outlook of the coin can be summarized as follows :
- As long as $0.1290 holds, HBAR may continue to move sideways inside the triangle, with a potential first target near $0.1690, which is the mid-range resistance inside the pattern.
- For a stronger recovery, the price must break above the upper trendline around $0.1859.
Aaccording to a bearish scenario the descending triangle will break to the donwside if $0.1290 fails. In such a case the following levels would be important:
- First target: $0.1200 – $0.1220
- Main technical target: $0.0990, which matches the full projection of the pattern and is also a previous high-volume support zone.
Summary :
HBAR has returned to a critical support zone.A strong bounce here could keep the pattern intact; however, the triangle will complete to the downside and a deeper correction is likely if support breaks
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Morover, it is highly recommended to use stop loss (SL) during trades.
