HBAR Price Holds Key Support Analysts Eye $0.098

Hedera Hashgraph (HBAR) is trading at $0.0492, with a slight gain of 0.82%. Analysts consider $0.0450 to be important support and $0.0550-$0.0600 as a resistance level that HBAR must break to confirm an uptrend.

According to Analyst best_analyst, if the price is to hold above $0.035 a bullish reversal pattern with a target price of $0.098 may occur.

Technical Indicators Highlight Weak Bullish Signals

The Relative Strength Index (RSI) for HBAR is 42.75 which still shows weak momentum just below the neutral 50 mark.

1-day HBAR trading chart| Source TradingView

This level suggests that sellers remain in control but a rise above 50 indicates a possible bullish breakout.

The MACD indicator has the MACD line below the signal line, with the MACD line at -0.0009 and the signal line at -0.004. Furthermore, if the MACD line overlaps and crosses the signal line, it may affirm the beginning of a trend reversal to the advantage of the bulls.

The oscillation between $0.0450 and $0.0550 shows that there is a lack of substantial movement beyond the range, a break above resistance is necessary to affirm a bullish trend.

This consolidation phase reflects a mixed outlook as both RSI and MACD show no clear buying or selling pressure. Analysts stressed that it is crucial for HBAR to sustain a price above $0.0450 to avoid further losses.

Analyst’s View on Long-Term Price Potential and Risks

As per best_analysts, HBAR’s future depends on sustaining at $0.035, further weakness may lead to a deeper downfall.

“HBAR is expected to stay above $0.035,” the best _analyst noted, hinting that if the price drops below the $0.035 mark, it may take long for the bear market to reverse.

On the other hand, HBAR needs to have a bullish reversal above this level of support, which would indicate a strong bounce to $0.098.

However, best_analyst points out that the achievement of this target has to be backed by clear confirmation signals from price action and other technical indicators.

The social media community echoes a similar sentiment, with discussions highlighting HBAR’s circulating supply of over 37 billion and its unique hash graph technology.

The majority view HBAR as more than just a cryptocurrency, with one X user commenting, “HBAR is redefining blockchain with speed, security, and scalability.” However, issues of increased supply and market trends remain as potential barriers.

Elliott Wave Analysis and Bullish Scenarios

Best__analysts also use Elliott Wave Theory to determine potential HBAR price formation.

The current wave structure given as corrective waves (w) (y) indicates that HBAR might be in the final stage of a corrective cycle. Wave (C) could make a bearish pattern at the lowest with a target of about 0.035.

Source: X

If this corrective phase comes to a successful end then HBAR could jump into an impulsive Wave (iii) upwards that may reach $0.098.

The impulsive wave (iii) would be expected to follow next and correspond to the breakout above the resistance region from $0.0550 to $0.0600, which signifies an upward trend on the chart.

This indicated possible bullish wave depends on the continued movement of HBAR with intermediate price levels helping in determining a change of trend. The Elliott Wave analysis clearly implies that although the upside is large, the support and resistance are key junctures for direction determination.

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