Hedera's Bearish Battle: Can HBAR Break $0.20 Resistance?

Hedera (HBAR) has been struggling to maintain its price above the $0.20 mark, with bears taking full control of the market. The Directional Movement Index (DMI) indicates a lack of clear direction, with the Average Directional Index (ADX) at 13.5, suggesting a weak or non-trending market. The Ichimoku Cloud chart also points to continued downward pressure, with the price trading below the red cloud (Kumo) and struggling to break above key resistance levels.

The EMA lines are currently aligned in a bearish manner, with short-term EMAs positioned below long-term ones. This alignment indicates that downward momentum is prevailing, and selling pressure remains dominant. Recently, HBAR tested the support at $0.177, and although this level held, the risk of a retest persists. If the support at $.177 is tested again and fails to hold, HBAR could drop further to $0.125, marking a continuation of the bearish trend.

However, if the bearish momentum fades and the trend reverses, HBAR could rise to test the resistance at $0.24. Breaking above this level would indicate a shift in sentiment, potentially pushing the price to $0.32. If the uptrend gains even more strength, Hedera could rally to $0.40, a level not seen since 2021. For this bullish scenario to materialize, short-term EMAs would need to cross above long-term ones, signaling a reversal.