Can HBAR Price Hold The Line For Springboard Move To $0.2?

Hedera’s HBAR token is currently mirroring its 2021 price patterns and technical indicators, according to analysis from Rekt Capital.

‘The cryptocurrency has followed through on historical tendencies by retracing to a key support zone after becoming significantly overbought on momentum indicators.

In a report dated January 24, 2025, Rekt Capital noted that HBAR was showing a number of signs of a near-term retracement based on past price action.

The crypto was attempting to break out above its weekly lower high but was being confronted with resistance similar to 2021 trends before a major downside move.

Just a few months back, this evaluation stood up to scrutiny well, with HBAR reversing back into a critical support level plotted by Rekt Capital’s charts.

Hedera’s Historical Price Trends and Current Levels of Support

Rekt Capital’s observation is on the weekly chart configuration of HBAR, which has closely tracked the path set in the same market environment in 2021.

The analyst has pointed out important support and resistance levels marked by horizontal lines on the price chart and particularly highlighted the orange-colored regions.

The price action at the time shows HBAR did indeed retrenched into the noted orange-circle region, which is consistent with what happened before in the previous market cycle.

This region around $0.16 to $0.22 has been historically observed as the turning point region of price reversals.

A particularly important technical level for HBAR is what Rekt Capital refers to as the “local red area,” which the cryptocurrency briefly lost as support last week before attempting to reclaim it.

According to the analysis, HBAR needs to maintain this price level with a weekly close above it to confirm the support level has held and set up for a potential springboard move higher.

The price chart shows a pennant-like formation with downward-sloping resistance that HBAR has recently broken above.

This breakout, combined with the established support level, could create the technical foundation for a move toward the $0.2 region if historical patterns continue to repeat.

The resistance level that HBAR would need to overcome for a sustained uptrend is visible on the chart as the upper red boxed area.

In 2021, HBAR managed to break above this zone temporarily before retracing, and the analyst suggests a similar attempt could occur if current support levels hold.

HBAR RSI Analysis and Technical Confirmation

The Relative Strength Index (RSI) offers yet another measure of similarity between HBAR’s present position and the dynamics witnessed back in 2021.

Rekt Capital has identified a pattern that the RSI has followed almost to the day, from significantly overbought territory to a critical reversal range.

In January of 2025, HBAR’s RSI printed levels that Rekt Capital identified as “tremendously Overbought,” as the chart below depicts in the orange highlighted box.

The RSI had sharply fallen to the 46 level when it reached the reversal zone that Rekt Capital identified back in mid-2021.

“The RSI has dropped from tremendously Overbought (orange box) right into the blue 46 RSI level which back in mid-2021 was a reversal zone, especially confirmed after breaching the multi-month RSI Downtrend,” Rekt Capital notes.

This momentum indicator is now reaching a resistance line from a multi-month downtrend. A break above that line would be technical confirmation of shifting momentum.

For HBAR to confirm a bullish reversal, two technical aspects will need to happen concurrently: the price will need to reclaim the red support area on the price chart, and the RSI will need to break above its green downtrend resistance line.

Analysts Provide Optimistic Hedera Analysis

While Rekt Capital’s analysis takes a responsible approach with historical analysis, other analysts have provided even more optimistic HBAR price forecasts.

Analyst Froggy sees the current price action as setting up for a bullish reversal. His analysis indicates that stronger buying interest is emerging as the token is at previous support levels that are now acting as resistance.

Taking an even more bullish stance, analyst Gilmore Estates applies Elliott Wave theory to project a much higher price target for HBAR.

“We’ve completed the (4) wave retracement, bounced off key support, and the chart is screaming one thing: Wave (5) is in play,” the analyst states.

This analysis suggests potential upside of over 600% from current levels, with a specific target of $1.23.

Both viewpoints are similar in that Rekt Capital points to the current support as an important level, while going further with a possible price objective should that support hold.

The commonality of all analyses is the emphasis on the current price zone and with HBAR sustaining that level as a pivot point for any movement ahead.