Hedera (HBAR) is currently caught in a tight consolidation phase, with price action fluctuating between $0.1849 and $0.189. After a 6% drop in the past week, technical indicators are painting a mixed picture, suggesting growing market indecision. Traders and analysts are now watching for a clear breakout to determine the next direction for the asset.
BBTrend Turns Bearish, Hinting at Momentum Shift
The BBTrend indicator, which measures momentum based on Bollinger Bands, has turned negative for the first time in over 10 days, signaling a shift in sentiment. The indicator currently stands at -3.35, a stark drop from the positive territory seen earlier this month. A negative BBTrend typically reflects a move toward the lower Bollinger Band, indicating that selling pressure may be intensifying.
This change has sparked concern among bulls, who had hoped the recent pullback was temporary. A continued negative reading could increase downside risk, especially if accompanied by a drop in trading volume and further weakness in other indicators.
Also Read: Hedera (HBAR) Bulls Beware: $0.176 Support Crucial as Rising Wedge Forms
RSI Signals Market Indecision
The Relative Strength Index (RSI), currently at 49.82, is another sign of the current stalemate between buyers and sellers. After briefly touching 54 earlier in the day, the RSI retraced, suggesting the market lacks conviction. The RSI remains just below the neutral 50 mark, highlighting uncertainty and a lack of clear trend direction.
While the RSI has bounced from a low of 42.45 earlier this week, the failure to sustain momentum above 50 reflects the ongoing tug-of-war. A move above 50 could revive bullish hopes, but continued stagnation may leave HBAR vulnerable to further downside.
Key Levels to Watch as Traders Await Breakout
With HBAR trading within a tight band, traders are closely monitoring $0.189 as resistance and $0.1849 as support. A breakout above resistance could target $0.199 or even $0.202, while a breakdown below support might lead to declines toward $0.175 or $0.16. The stakes are high—failure to hold these levels could push HBAR toward $0.124, erasing recent gains.
Until a decisive move occurs, Hedera remains range-bound, with traders awaiting a clear catalyst to define its next major trend.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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