While HBAR continued its downward trend on Tuesday, technical indicators pointed out that the asset was at an important threshold. HBAR, which decreased by approximately 2 percent in the last 24 hours, was traded at $ 0.07359, according to CoinMarketCap data. The daily trading volume was calculated at 81.46 million dollars and the market value was approximately 3.21 billion dollars.
Historical support zone is on the agenda again
Crypto analyst Crypto Patel stated that HBAR lost approximately 83 percent of its value compared to its last local peak, and this retreat moved the price to the $0.058 to $0.042 band, which is viewed as a long-term buying range on the weekly chart. According to the analyst, this region has stood out as one of the support areas where strong buyers have stepped in in the past.
Patel also said that HBAR fell into an order block on the weekly timeframe. In technical analysis, this area is seen among the regions where buying interest can re-intensify after long-term corrections.
Mini dictionary: Order block is a technical analysis concept that defines the area where the price has given a strong buying or selling reaction in the past. Investors watch these areas as levels where new demand or supply may emerge.
Crypto Patel emphasized that the market structure is intact as long as HBAR remains above $0.0356 on a weekly basis, but that the long-term downward trend line must be crossed and this level must be retested in order to talk about a broader return.
Which levels to watch for trend reversal?
According to the analyst, in order for the current outlook to gain strength, HBAR must rise above the descending trend line that has been suppressing the price for weeks. Unless this breakdown is confirmed, the current structure is considered only as a possible exit attempt.
In case of a possible breakout, Patel highlighted $0.16, $0.35 and $1.00 in the longer term as technical targets. This scenario indicates potential returns of approximately 1600 percent compared to current prices. However, these projections are based on technical inferences derived from past price cycles.
Historical cycles and derivative data are tracked simultaneously
HBAR had risen nearly 1800 percent in 2021 after building a base for months around a critical support in 2020. It then lost nearly 94 percent of its value in the harsh bear market between 2022 and 2023. The asset rebounded nearly 800 percent in the reaction rally in 2024; With the last correction, it approached the same long-term support zone again.
Derivative market data showed that interest had weakened in the short term. Open position size decreased by 5.21 percent to $90.60 million. Transaction volume decreased by 28.79 percent to 90.07 million dollars. This picture suggests that dissolution increases in leveraged transactions.
The open position weighted funding rate was found to be minus 0.0018. This ratio indicated that the short position demand was slightly higher than the long position demand. The focus of the market in the coming days will be whether HBAR can maintain its weekly demand zone and break through the downtrend line.
