HBAR Trading Update: Support at $0.226-$0.223, $0.2324 Key Reclaim for Directional Break

HBAR fell 4.75% to $0.2290, with weekly volume rising 45%. Derivatives skew bearish, with liquidation clusters near $0.2249 and $0.2324. $2.96M shorts vs $832K longs dominate directional positioning. Support at $0.226-$0.223 must hold to avoid triggering pattern targets, while a push back above $0.2324 could temper bearish momentum.

Hedera (HBAR) experienced a notable decline on August 29, with its price dropping by 4.75% to $0.2290. This downward movement was accompanied by a 45% increase in weekly trading volume, indicating heightened market interest despite the price drop. The bearish trend was further exacerbated by a significant increase in short positions, with $2.96 million worth of shorts compared to $832k in long positions, as reported by CoinGlass [1].

The technical analysis of HBAR's price action on August 29 revealed a descending triangle pattern, with the key support level at $0.226. This pattern suggests that the token could be headed for a 20% drop if it closes below $0.223 [1]. However, the Supertrend Indicator remained green, indicating a lingering uptrend, and the Relative Strength Index (RSI) stood at 43.80, indicating neither overbought nor oversold conditions [1].

Despite the bearish sentiment, there was a glimmer of hope in the form of token outflows. CoinGlass data showed $3.18 million worth of HBAR leaving exchanges, which could suggest accumulation and potentially slow down the downside momentum [1]. This development is crucial as it might provide a lifeline for the token, preventing a more significant price drop.

Looking ahead, the feasibility of HBAR reaching $100 remains uncertain. While some experts project potential $100+ prices by 2040-2050 based on enterprise adoption and technological advantages [2], the short-term volatility and geopolitical tensions could hinder its price trajectory. The broader cryptocurrency market's performance, particularly that of Ethereum (ETH), also plays a significant role in HBAR's performance. If Hedera can maintain its current trajectory and expand its ecosystem, the token may achieve higher price targets, but the path to $100 would depend heavily on external factors such as regulatory developments, macroeconomic conditions, and the evolution of the broader blockchain landscape [2].

References:
[1] https://ambcrypto.com/hedera-traders-brace-for-hbars-20-price-drop-only-if/
[2] https://www.ainvest.com/news/ethereum-news-today-hbar-100-dream-hinges-enterprise-adoption-market-sentiment-shift-2508/