Hedera (HBAR) Gains 2% as Support Holds, Eyes $0.266 Amid Recovery

HBAR up 1.95% as it finds support at $0.22885. HBAR has reversed a three day decline as it found support at $0.22885.

Quick overview

  • HBAR has increased by 1.95% after finding support at $0.22885, reversing a three-day decline.
  • Traders are cautiously optimistic, but mixed technical signals suggest potential consolidation before a significant upward move.
  • Open Interest in HBAR derivatives has decreased, indicating capital outflow, while the taker buy percentage has risen.
  • The price outlook for HBAR hinges on maintaining support above the 50-day EMA at $0.23643 to target higher resistance.

HBAR up 1.95% as it finds support at $0.22885. HBAR has reversed a three day decline as it found support at $0.22885. Traders are slowly getting optimistic again. But the technicals are mixed so we may see consolidation before any big move up.

  • Current price: +1.95%
  • Key support: $0.22885
  • Resistance in focus: 50 day EMA at $0.23643

If HBAR holds above this support it could retest higher resistance and fuel more bullish sentiment.

HBAR Derivatives Show Mixed Signals

CoinGlass shows HBAR Open Interest (OI) fell to $391.83M on Tuesday from $409.16M on Monday. OI is down and taker buy is up. This means capital is flowing out and HBAR derivatives are getting liquidated. Traders are cautious.

  • OI: $391.83M
  • Taker buy: 48.55% (up from 47.63%)
  • Long-to-short ratio: 0.9436

Despite lower OI, taker buy is up. Traders are watching these indicators for a recovery, balancing short term caution with long term bullish bets.

HBAR Price Outlook: Recovery or Consolidation

After bouncing from support, HBAR is targeting the 50 day EMA at $0.23643. If it closes above this line it could drive momentum to $0.26606 last tested on August 14.

Hedera Price Chart - Source: Tradingview
Hedera Price Chart – Source: Tradingview

Technicals:

  • MACD: approaching zero line, bearish if crossed
  • RSI: 45, below neutral, cautious
  • Downside risk: 100 day EMA at $0.22033

Watch the 50 day EMA. If HBAR can’t hold above this it could go down to the 100 day EMA. If it does hold above this it could be a buying opportunity and set up a bigger recovery.

ABOUT THE AUTHOR See More
Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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