Hedera’s Hbar Token has recently experienced a price drop, reaching a two-month low after not finishing a month-long downtrend. Nevertheless, consistently bullish traders continue to take their position and remain unhindered.
These traders continue to believe in the potential for HBAR recovery despite current market challenges.
HBAR traders remain bullish
HBAR’s funding rate remains positive overall, falling only once into the negative zone, signaling ongoing trust among traders. This stable bullish sentiment suggests that traders are confident that HBAR will eventually recover.
This sustained optimism is essential to the recovery of HBAR. Traders position themselves for bounce, indicating that recent price drops do not stop market participants. If this sentiment remains intact, it can promote a reversal of token prices, helping you move past recent levels of resistance.
Technically, the HBAR’s relative strength index (RSI) has recently slipped into the negative zone, but it now shows signs of potential bounce. This move is typical of a market correction, with RSI showing that the reversal could now be on the horizon.
If the bearish momentum continues, the RSI can enter the reversal zone. This is often a sign that an inversion is imminent. The position of the RSI is an important indicator that HBARs may experience recovery soon. Historically, similar conditions in early April caused prices to bounce back.
HBAR prices should ensure support
Currently, HBAR is trading at $0.151, down 15.8% over the past week, and resistance is trading at $0.154. Altcoin is struggling to get free from its two-month lows, but shows signs of recovery.
If the inversion indicator applies, the HBAR can bounce from the current low. To solidify this recovery, HBAR will need to secure both $0.154 and $0.163 as support floors. Holding these levels provides a strong foundation for even more upward movement, indicating that the downtrend has ended.
However, further reductions are possible if geopolitical tensions worsen or wider market conditions negatively affect HBAR prices. A breakdown below the $0.145 support level could push the HBAR down to $0.139, negating bullish outlook. This could lead to a major change in market sentiment and lead to further price erosion of tokens.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
