Hedera Experiences 14% Decline This Week – However, These Indicators Suggest a Possible HBAR Rebound

Hedera (HBAR) has seen a significant decline of 14% over the past week, despite a recent uptick in its price. Signals on the charts suggest a potential rebound, although caution is advised due to weak buying pressure. Several indicators point to a critical resistance level at $0.176, which HBAR must overcome to sustain any recovery.

Key Takeaways

HBAR's recent price movement indicates a shift towards a bullish structure after a prolonged downtrend since mid-August.
Weak buying pressure in recent hours indicates that traders should prepare for a possible rejection at the $0.176 local resistance level.
Currently, HBAR is up 1.29% in the last 24 hours but down 14.7% from the previous week, with trading volume dropping nearly 50%, according to CoinMarketCap.
The significant decrease in trading volume could signal that any rebound attempt might falter.
With Bitcoin (BTC) remaining above the $100,000 mark, there is hope for altcoins to recover. However, most altcoins are currently in a downtrend and need to break key resistance levels to turn the momentum positive.

HBAR signals bullish reversal with its foray past $0.195, but short-term weakness remains

HBAR Bulls Need to Act

HBAR 1-day Chart Source: HBAR/USDT on TradingView
In recent trading over the last month, HBAR has experienced a decline of 24.56%, largely due to the crash on October 10. However, following October 13, HBAR managed to breach the local swing high at $0.195, indicating a positive development and a bullish shift in structure, suggesting buyers are showing some strength in the market.

Whether HBAR can recover to pre-correction levels remains uncertain. As of now, the Relative Strength Index (RSI) stands at 42.6 on the daily timeframe, reflecting slightly bearish momentum. Nonetheless, the On-Balance Volume (OBV) has shown higher lows and higher highs over the past three weeks, indicating that despite the bearish RSI, the overall market structure appears to be trending upwards.

HBAR 1-hour Chart Source: HBAR/USDT on TradingView
Focusing on the most recent correction, local levels are now more clearly defined and easy to follow. The 1-hour chart indicates strong selling pressure between $0.19 and $0.20, with a bullish market structure observed in the past 24 hours. However, HBAR is currently testing the critical swing level at $0.176.

While the RSI indicates short-term bullish momentum, the hourly OBV suggests that buying pressure is somewhat weak, leaving open the possibility of another price drop for Hedera.

Disclaimer: The information provided does not constitute financial, investment, trading, or other types of advice and reflects only the writer’s opinion.