Hedera (HBAR) is moving under bearish pressure and is eyeing a decline in its value with the overall market. HBAR is currently moving inside a descending triangle pattern, which often leads to a bullish reversal. If a successful breakout occurs, then it will lead to a maximum profit zone around 0.24.
At the time of writing, HBAR is trading at $0.2366 with a 24-hour trading volume of $376.11 million and a market capitalization of $375.95 million. The HBAR price over the last 24 hours is down by 1.21%, and over the last week it has been showing stability and a high potential for the next major rally.
Hedera (HBAR) gains strength and eyes $0.24 target
A prominent crypto analyst, Cryptopulse, highlighted that Hedera’s native token, HBAR, is now in the process of consolidating under a descending triangle pattern, a technical chart pattern that is usually indicative of an upcoming breakout or breakdown. As the token’s price oscillates around the major support level of $0.228, market observers are watching the situation closely to determine whether a huge move is in the offing.
This is a pattern that is indicative of potential volatility in the offing and is an important moment for a trader to readjust positions.
If HBAR can remain above this critical support level, there is a chance the token could see a short-term bounce. Success there could lead to a test of the downtrending trendline, which has acted as a resistance level over the last week and a half.
It would put the token in the $0.24 area, where bulls may attempt to gain control and push the token higher. Nevertheless, even with a bounce, general marketplace sentiment will come into play to determine whether this push to the upside is able to build steam.
Otherwise, a breakdown of the support at $0.228 will make the scenario immediately bearish. Below this level, a slide is more likely to test the area of demand of $0.19–$0.20.
This has been an area where purchases are typically able to absorb selling and serve as a buyer’s area of interest, and a breakdown here could result in more downside. Traders are just as concerned with a breakdown below the level because it will result in more sell-offs and continue to impact investor sentiment negatively.
