HBAR Battles $0.40 Barrier, Slips to $0.30

HBAR Struggles to Break $0.40 Barrier, Returns to Familiar Trading Range

HBAR, the native token of the Hedera network, has been grappling with a significant resistance level at $0.40. Despite multiple attempts, the altcoin has failed to breach this barrier, leading to a retreat in its price. Currently, HBAR is trading around $0.30, a level it has frequently revisited in recent months.

The Chaikin Money Flow (CMF) indicator, a key metric for assessing market sentiment, has shown weak inflows into HBAR. This suggests that investors are hesitant to commit new capital to the asset, as the indicator remains near the zero line. Without a surge in buying activity, HBAR may continue to consolidate within its current range.

Analysts have noted that many HBAR holders are reluctant to commit funds until the cryptocurrency successfully breaches the $0.40 resistance. This reluctance reflects broader market uncertainty, with traders waiting for a clearer bullish signal before taking further action. Until inflows strengthen, HBAR could struggle to generate the momentum needed for a sustained recovery.

HBAR's correlation with Bitcoin has dropped to 0.64, signaling a weakening connection between the two assets. As Bitcoin approaches the $105,000 resistance, HBAR's failure to follow suit could result in a substantial lag, causing it to miss out on potential market gains. This weakened correlation suggests that HBAR may become increasingly sensitive to individual trader sentiments instead of broader market movements.

HBAR's price prediction remains clouded as consolidation continues. The altcoin has returned to a month-long consolidation range, predominantly witnessing trades between $0.33 and $0.25. With recent losses breaching the previous support at $0.33, bearish sentiments have prevailed, intensifying the likelihood of further downward price trajectories. Should consolidation persist, there is a heightened risk that HBAR could descend towards $0.25, a crucial support level that, if broken, may incite increased selling pressure among investors.

However, reclaiming the $0.33 support could rejuvenate HBAR's performance, reigniting bullish momentum. Should the altcoin manage to surpass the $0.40 threshold, it might restore investor confidence, prompting a positive influx into the market