Hedera Bulls Falter, Price Drops Below $0.20

Hedera Bulls Weaken, Price Teeters Near $0.20 Danger Zone

Hedera (HBAR) bulls have been losing momentum in recent days, with the cryptocurrency's price falling below key support levels. The decline has been driven by a combination of broader market weakness and weak demand for HBAR. At the time of writing, the 17th largest cryptocurrency by market capitalization is trading at $0.23, down 24% from its price a week ago.

HBAR's price has broken below its Ichimoku Cloud, a technical indicator that now acts as a dynamic resistance zone. The cloud reinforces the likelihood of continued downward movement as long as the altcoin's price remains below it and demand is low. Additionally, HBAR's price has fallen below its 20-day exponential moving average (EMA), confirming the bearish outlook.

Analysts suggest that HBAR's Relative Strength Index (RSI) reflects high selling pressure among market participants. At press time, the value of the momentum indicator is 35.58, indicating that the asset is in bearish territory but not yet oversold. If selling pressure strengthens, HBAR risks falling below the $0.20 price zone to trade at $0.16.

However, while the RSI signals increased selling pressure, a further drop in its value below 30 would confirm oversold conditions. In this scenario, a surge in HBAR's demand could drive its price to $0.28. A successful break above this level could propel it toward $0.40.