HBAR has surged 12% recently, signaling a potential recovery after a prolonged two-month downtrend, with the RSI indicating a possible trend reversal.
Key resistance levels at $0.154 and $0.163 will be crucial for HBAR to break in order to confirm a sustained bullish momentum and end the bearish phase.
According to COINOTAG, failure to maintain this momentum could see HBAR retreating to support levels near $0.139 or $0.133, risking a continuation of the downtrend.
HBAR rises 12% amid RSI recovery, facing resistance at $0.154 and $0.163; breaking these could end the downtrend, while failure risks a fall to $0.139 or $0.133.
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HBAR’s RSI Recovery Signals Potential Trend Reversal
The Relative Strength Index (RSI) for HBAR recently dipped below the critical 30 mark, entering oversold territory for the first time in over ten months. This technical indicator often precedes a reversal, suggesting that the selling pressure may be easing. The subsequent bounce back of the RSI indicates a shift in market sentiment, with buying interest beginning to outweigh selling pressure. This development is a key signal that the prolonged downtrend might be nearing its end, offering a glimmer of hope for investors who have weathered the recent decline.
Correlation with Bitcoin: A Double-Edged Sword
HBAR’s price movements exhibit a strong correlation coefficient of 0.80 with Bitcoin, underscoring the altcoin’s sensitivity to Bitcoin’s market dynamics. This close relationship means that HBAR could benefit significantly from Bitcoin’s upward momentum, potentially amplifying gains during bullish phases. Conversely, this correlation also exposes HBAR to heightened risk during Bitcoin downturns, as negative price action in Bitcoin is likely to be mirrored by HBAR. Investors should thus monitor Bitcoin’s trends closely when assessing HBAR’s potential trajectory.
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HBAR RSI. Source: TradingView
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HBAR Correlation To Bitcoin. Source: TradingView
Resistance Levels at $0.154 and $0.163 Critical for Sustained Recovery
Following a 12% price increase, HBAR is currently trading around $0.150 and faces immediate resistance at $0.154 and $0.163. These levels represent significant hurdles that must be overcome to confirm a bullish reversal and end the two-month downtrend. A successful breakout above these points could invalidate the bearish momentum and pave the way for higher price targets, potentially restoring investor confidence and attracting renewed buying interest.
Potential Downside Risks if Momentum Fails
Despite the recent gains, the risk of a failed recovery remains. Should HBAR fail to break through the resistance levels, the price could retrace to critical support zones near $0.139 or $0.133. Such a pullback would signal that the current rally is unsustainable and that bearish sentiment could reassert itself. Investors should remain cautious and watch these support levels closely, as a breach could lead to further declines and prolong the downtrend.
HBAR Price Analysis. Source: TradingView
Conclusion
HBAR’s recent 12% surge, supported by an RSI rebound from oversold territory, offers a promising sign of recovery after a challenging two-month downtrend. The altcoin’s strong correlation with Bitcoin adds both opportunity and risk, making Bitcoin’s price action a critical factor to watch. Breaking resistance levels at $0.154 and $0.163 is essential for confirming a sustained bullish reversal. However, failure to maintain momentum could see HBAR retreat to support levels around $0.139 or $0.133, potentially resuming bearish pressure. Investors should monitor these key technical indicators closely to navigate the evolving market conditions effectively.
Source: https://en.coinotag.com/hbar-shows-potential-signs-of-recovery-amid-resistance-at-key-levels-future-direction-uncertain/