HBAR Battles Back After 40% Plunge

HBAR Price Struggles to Recover After Recent 40% Drop

HBAR, the native token of the Hedera network, has experienced a significant 40% price drop, raising concerns among investors. Despite this substantial decline, the altcoin has demonstrated resilience by holding above a critical support level of $0.228. However, to sustain this momentum and facilitate a recovery, HBAR will require support from both investors and broader market conditions.

Technical indicators suggest a potential uptick in HBAR's price. The Relative Strength Index (RSI) is signaling a possible increase in bullish momentum, as it recovers from its monthly low. However, for a full recovery to be confirmed, the RSI must flip the neutral line at 50.0 into a support level. Until that happens, the market will remain cautious, and the price recovery could face resistance at various levels.

The overall macro momentum of HBAR is showing signs of potential bullishness, as suggested by technical indicators like the Ichimoku Cloud. The indicator's outlook points toward possible upside movement in the coming weeks. However, the candlesticks are currently situated below the cloud, signaling that any recovery might be delayed. This positioning indicates that, while there is potential for a bullish move ahead, the market might not yet have the strength to support a rapid recovery. As market conditions are still adjusting, it may take time for HBAR to fully break above the cloud and enter a sustained bullish phase.

HBAR is currently trading at $0.246 and faces resistance at the $0.248 level. Given the lack of broader market support for a bullish outlook, it is likely that HBAR will remain consolidated in the coming days. A breakout past this resistance may provide short-term momentum, but further upside could be limited. Even if HBAR manages to breach $0.248, it would not be enough to recover the 40% loss the altcoin recently endured. The next significant resistance would be around $0.374, but momentum is not strong enough to push HBAR beyond $0.300 in the near term. The market will likely require more bullish support before HBAR can sustain higher levels.

If bearish momentum takes control, HBAR could face a drop below the support level of $0.228, which