Hedera’s native token HBAR was back on the agenda on Thursday, July 2, as it approached a significant resistance zone following the recent recovery. While it is being monitored whether buyers can maintain the momentum in the market, spot and futures data revealed a mixed picture.
Price stuck in critical range
HBAR was traded at $0.07404 at the time of writing. While the asset increased by 3.38 percent in the last 24 hours, the weekly increase was 2.79 percent. On the other hand, the 24-hour transaction volume decreased to 60.22 million dollars, decreasing by 10.28 percent compared to the previous period.
Analyst More Crypto Online noted that HBAR is currently testing the wave 2 resistance area within wave 3 in the yellow scenario. According to the analyst, the range between 0.074 and 0.08 dollars stands out as the region that should be monitored most closely in the short term.
A breach of the $0.074 to $0.08 range could change the short-term technical structure and create room for the price to move into a broader correction or a new bullish phase.
If this region is crossed in an upward direction and clearly, there may be a change in the short-term outlook. In such a case, it seems possible that the price will return to a higher trading band and new technical targets may come to the fore in alternative scenarios.
Support and resistance levels stand out
In the short term, the first support lies at $0.0642. Near resistance stands out at $0.0793. If HBAR exceeds this threshold, the next resistance will be at $0.0882. If the rise gains strength, $0.1009 may also come to the fore.
On the other hand, if the recovery weakens, support levels will become even more important. If the price falls below $0.0642, around $0.0548 can be followed as a new support area in the market.
Technical indicators and futures gave different signals
According to TradingView data, HBAR remains under pressure from short-term moving averages. The 20-day exponential moving average is at $0.07574 and the 50-day exponential moving average is at $0.08097. The pressure continues in wider time frames. The 100-day average is $0.08704 and the 200-day average is $0.10253.
In Bollinger bands, the middle level is calculated as $0.07643, the upper band is $0.08482 and the lower band is $0.06805. HBAR price is below the middle band and above the lower band. This outlook indicates that the search for direction continues in the short term.
There is also a mixed structure on the futures side. While the transaction volume decreased by 6 percent to 96.39 million dollars, the open position size increased by 2.99 percent to 95.03 million dollars. The open position weighted funding rate was measured at 0.0099 percent.
A total of $35.98 thousand was liquidated in the last 24 hours. Of this, $5.24 thousand consisted of long positions and $30.74 thousand consisted of short positions. This distribution shows that downward and upward expectations continue to exist in the market at the same time.
