Amid this massive price decline, Hedera’s native token, HBAR, has reached a crucial support level, creating a make-or-break situation for the asset. In the past two weeks, the token has witnessed a notable price drop of over 25% and has reached a level where it has historically experienced price reversals.
HBAR Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, HBAR seems to be forming an ascending triangle price action pattern on the daily time frame. However, the token has consistently taken support from the ascending trendline. The daily chart reveals that since November 2024, HBAR has taken support more than five times, and each time it witnessed upside momentum.
Looking at the current market sentiment and historical price momentum, there is a strong possibility it could soar by 25% to reach the $0.37 level in the coming days. However, if HBAR fails to hold this trendline support and closes a daily candle below the $0.287 level, a price drop of over 35% could be possible in the future.
Current Price Momentum
HBAR is currently trading near $0.30 and has experienced a price decline of over 4.5% in the past 24 hours. However, during the same period, market sentiment shows that participation from traders and investors has dropped by 25%.
Investors Strong Buying Activity?
One thing that is currently gaining significant attention from crypto enthusiasts is the continuous accumulation by long-term holders and investors during the days when HBAR’s price has been declining.
Data from the on-chain analytics firm CoinGlass revealed that exchanges have witnessed an outflow of over $10 million worth of HBAR in the past 48 hours.
These substantial outflows of HBAR indicate potential accumulation by long-term holders. Additionally, this metric further suggests potential buying pressure, which could lead to a further upside rally.
