HBAR Price Forecast: Analyzing the Recent 9% Rally in Hedera

HBAR Price Prediction - Bullish short-term momentum seen, but is it sustainable?

Hedera (HBAR) experienced a notable 9% increase over a three-day period, but this surge is accompanied by concerns regarding low trading volume and sustainability. This article delves into HBAR's price action, analyzing historical trends and immediate price targets while emphasizing the need for increased buying pressure to maintain an upward trajectory.

Key Takeaways

The short-term price movement of HBAR appears to align with a broader market sentiment shift, following Bitcoin's rise to $116,000.
The current buying pressure remains weak and requires significant improvement to support a persistent uptrend. Traders should exercise caution and patience.
Hedera (HBAR) saw a 9% boost in a short timeframe, but its trading volume has been lower than recent averages, raising questions about the sustainability of the rally.

Weekly Chart Analysis: Structure Remains Intact

HBAR 1-Week Chart

The weekly chart indicates a bullish swing structure, fueled by the rally observed in 2024. Notably, the 78.6% Fibonacci retracement level was not breached, and the initial rally low of $0.0417 was not retested. While the internal structure turned bearish earlier in the year, it regained bullish momentum in late June when HBAR climbed above the $0.228 high, reaching as much as $0.30. Despite some recent volatility, the weekly session remained constructive.

The Relative Strength Index (RSI) showcased that sellers held a marginal edge in momentum, but the On-Balance Volume (OBV) did not reach new yearly lows, indicating that selling pressure was manageable. This combination, along with the structural recovery, allows for cautious optimism about HBAR’s prospects. However, recent short-term price movements portray a more complex scenario.

Immediate HBAR Price Targets to Watch

HBAR 1-Day Chart

The one-day chart reveals a prevailing bearish structure, prompting swing traders to wait for a potential shift before entering positions. Immediate resistance is observed at $0.182, with a stronger barrier at the $0.233 swing high from early October.

A daily close above $0.182 would signal that swing traders could consider long positions targeting $0.233. However, the range of $0.195 to $0.298 poses a risk of halting bullish momentum. Meanwhile, technical indicators are beginning to lean towards buyers. For instance, the OBV has remained neutral in the past week, suggesting balanced pressure between bulls and bears. If $0.182 flips to support, that dynamic may shift. Additionally, the RSI is approaching the neutral mark of 50, and if it surpasses this level, it could signal an early shift towards bullish momentum.

Liquidation Data Indicates Potential Upside Pressure

HBAR Liquidation Heatmap

According to the one-month Liquidation Heatmap, HBAR has been trending upward over the past five days, focusing on clusters of short liquidations anticipated above the current price. The next liquidity band is at $0.185, with another, less dense band at $0.192-$0.20.

Consequently, the short-term price targets for HBAR are set at $0.182 and $0.20. A breakthrough past $0.233 would serve as a robust indicator that Hedera is gearing up for a more extended uptrend.

Disclaimer: The content provided does not serve as financial, investment, trading, or advisory recommendations and reflects solely the owner’s perspective.