The HBAR ETF begins trading today on Nasdaq. Learn how to buy the new Hedera ETF (Ticker: HBR) and why it matters. | Credit: Hameem Sarwar/CCN.com
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Key Takeaways
Hedera (HBAR) trades inside the $0.235 horizontal resistance area.
The HBAR price follows a descending resistance trend line.
Can HBAR reclaim these two resistance levels and move to new highs?
HBAR rallied between June and July, reaching a high of $0.305 on July 27.
However, it has fallen considerably since, breaking down from a key support level in August.
Despite the breakdown, this week’s movement has created optimism for the bulls, raising hopes of a bullish trend reversal.
With HBAR trading at key resistance, the key question is: Will the price invalidate the previous breakdown by reclaiming these levels, or will it get rejected and continue its downward trend?
Let’s find out.
Hedera’s Reclaim Attempt
Hedera’s price has declined under a descending resistance trend line since July 27.
After three rejections (red icons), HBAR broke down from the $0.235 horizontal area, falling to a low of $0.210.
The breakdown was quite mild, considering how long the Hedera price consolidated below the resistance and the height from which it fell.
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Because there was no strong downward movement after the breakdown, the HBAR price bounced and is currently attempting to reclaim the confluence of resistances at $0.235.
Even though Hedera’s price has yet to break out from these resistances, momentum indicators suggest it will do so soon.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have given strong indicators that an upward movement is likely.
Nevertheless, the technical analysis for XRP and XLM is bullish, since both cryptos have completed their corrective structure and have started upward movements.
Hence, the HBAR price will do the same if the fractal that has been valid for a year continues.
New Highs Incoming
The Hedera price is breaking out from a confluence of resistances today, aiming to confirm the bullish trend reversal.
Once it does, the first obstacle will be at $0.275, but the price can move to a new cycle high once it clears it.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
