Hedera’s Recent Rally Faces Critical Resistance
Hedera (HBAR) has seen a recent price surge, but a broader view suggests caution. The current price is near a technical zone that previously led to a important drop.Will history repeat?
Despite a short-term boost, Hedera’s long-term trend remains downward. The current price action resembles a past setup that resulted in a major lower high. This similarity raises a red flag, especially as Hedera tests a crucial resistance level.
Here are the key technical points:
- Hedera is at the point of control and 0.618 Fibonacci, similar to the last major lower high.
- Volume is below average, not supporting a sustained breakout.
- No daily candle closes above resistance confirm it as a rejection zone.
the high time frame for Hedera is clearly bearish. Price action follows a pattern of lower highs and lows. The last major swing high formed at the point of control and 0.618 Fibonacci retracement, where Hedera is now. This confluence signals a zone where sellers historically take control.
Currently, the volume profile shows no strong buy-side interest. Without a convincing close above the level, this is another test of resistance within a larger downtrend. The risk is that this setup forms a new macro lower high, leading to a further downward move. The next key support is at $0.12. A break below this would confirm the next leg down.
If Hedera rejects here, especially with a strong daily close below resistance, it’s likely to move back toward $0.12. This would continue the downtrend and establish a new lower low. Though, if resistance is broken with volume and sustained candles, it could temporarily turn bullish. Until then, trend traders see this as a short chance at key resistance.
