Can HBAR Price Hold The Line For Springboard Move To $0.2?
The post Can HBAR Price Hold The Line For Springboard Move To $0.2? appeared on BitcoinEthereumNews.com.
Hedera’s HBAR token is currently mirroring its 2021 price patterns and technical indicators, according to analysis from Rekt Capital. ‘The cryptocurrency has followed through on historical tendencies by retracing to a key support zone after becoming significantly overbought on momentum indicators. In a report dated January 24, 2025, Rekt Capital noted that HBAR was showing a number of signs of a near-term retracement based on past price action. The crypto was attempting to break out above its weekly lower high but was being confronted with resistance similar to 2021 trends before a major downside move. Just a few months back, this evaluation stood up to scrutiny well, with HBAR reversing back into a critical support level plotted by Rekt Capital’s charts. Hedera’s Historical Price Trends and Current Levels of Support Rekt Capital’s observation is on the weekly chart configuration of HBAR, which has closely tracked the path set in the same market environment in 2021. The analyst has pointed out important support and resistance levels marked by horizontal lines on the price chart and particularly highlighted the orange-colored regions. The price action at the time shows HBAR did indeed retrenched into the noted orange-circle region, which is consistent with what happened before in the previous market cycle. This region around $0.16 to $0.22 has been historically observed as the turning point region of price reversals. A particularly important technical level for HBAR is what Rekt Capital refers to as the “local red area,” which the cryptocurrency briefly lost as support last week before attempting to reclaim it. According to the analysis, HBAR needs to maintain this price level with a weekly close above it to confirm the support level has held and set up for a potential springboard move higher. The price chart shows a pennant-like formation with downward-sloping resistance…
Filed under: News - @ April 13, 2025 2:10 pm