HBAR lost 4.82% in value in the last 24 hours, falling to $0.07402. In intraday trading, the price moved between $0.07395 and $0.07810. The market value of HBAR, the native token of the Hedera network, was $3.22 billion and the 24-hour trading volume was recorded as $66.8 million.
Dropped below support level
The intraday chart showed that HBAR started the day at around $0.077 and gradually pulled back throughout the session. Attempts for the price to recover to the $0.078 region did not yield results. As the sales gained momentum in the later part of the session, the price fell below the $0.076 level and fell to $0.0735.
The data reveal that the falling peak structure seen in HBAR since June 16 continues and with the last decline, a new bottom has been formed in the short term.
In the analysis, it was stated that the $0.073 to $0.074 range has become the main support zone to watch in the short term. If this area breaks down permanently, the $0.070 level may come to the fore again. Below this, the $0.068 region, where a horizontal trend was previously observed, stands out.
For an upward reaction, the $0.075 level must be reclaimed in the first stage. On the other hand, it is reported that the stronger resistance area is located between $0.077 and $0.078, and previous recovery attempts were met with sales in this region.
Indicators point to selling pressure
Technical indicators also support the dominance of sellers in the short term. The MACD line fell to around minus 0.00085, while the signal line remained around minus 0.00058. The fact that the histogram was in the negative zone at minus 0.00027 indicated that the price maintained its downward momentum as it approached the session bottoms.
Mini dictionary: Chaikin Money Flow is a technical indicator that evaluates the relationship between price and volume together. Values below zero indicate that selling volume was more dominant than buying volume in the examined period.
The Chaikin Money Flow indicator was also measured at minus 0.37. This level indicates that the selling volume exceeded the buying volume in the monitored time period. The fact that the indicator has remained in the negative zone since the start of the last downward wave indicates that buyers have not yet stepped in to the extent of creating a strong and permanent return.
A short-term reaction rise may be seen, but it is considered that the necessary conditions for the confirmation of the higher bottom structure and the re-strengthening upward momentum on the chart have not yet occurred.
An Amazon analogy was made in the long term
Market analyst Vuori Trading compared Hedera’s post-2021 market cap outlook to Amazon’s post-dot com bubble structure. Hedera is known as a network that uses distributed ledger technology and focuses especially on corporate usage areas.
According to the analyst, both charts show a long-lasting compression following the early speculative peak and a tendency to form a bottom on the rising trend line. This similarity raises the possibility that HBAR could develop a longer-term support structure if it maintains its current base area.
However, it was emphasized that the comparison does not mean a definitive result. While Amazon’s subsequent performance will be determined by revenue growth and business expansion, HBAR’s market value will depend on network usage, adoption level, token circulation and general market conditions.
The short-term outlook remains weak for now. Since HBAR is near daily lows and has been in a downward trend for a while, the $0.077 and $0.078 band must first be crossed again for the near-term structure to strengthen.
