Key Insights
- HBAR price fell 11% after breaking correlation with Bitcoin, only to recover as of late.
- The Robinhood listing rally appears to have faded, but HBAR is bouncing back.
- Major support lies at $0.236, while resistance near $0.30 could trigger a new uptrend.
HBAR price plunged recently, dropping more than 11% after Hedera’s Robinhood listing. The listing in question pushed prices up nearly 12% in late July. However, HBAR crypto crashed towards $0.25 soon after.
Also, it has risen again to the $0.27 zone as of writing. Is investor confidence fading, and can HBAR break important resistances amid mixed technical signals?
HBAR Price Struggles After Leaving Bitcoin’s Shadow
One major reason behind the initial decline of HBAR price was its weakening correlation with Bitcoin. HBAR tracked closely with BTC’s price action for the past two months.
That connection has now been broken, leaving the altcoin more exposed to its market dynamics. This might sound like an opportunity for the altcoin to grow independently.
However, it also means HBAR no longer benefits from Bitcoin’s relative strength and stability. Instead, the altcoin must rely on its fundamentals and investor sentiment, which are under pressure lately.
Investor Sentiment Turns Bearish for HBAR Crypto
The Chaikin Money Flow (CMF) is one of the best capital inflows and outflows indicators. The indicator initially showed HBAR crypto plunging below zero in June, recovering in July before hitting zero again.
This indicates that selling pressure is taking hold over the market, and the bulls should be cautious. When writing, the HBAR price traded at a 5% increase over the last 24 hours.
It is currently registered for $0.2737, according to data from CoinMarketCap. This relative recovery has helped the CMF indicator rebound off the zero mark again.
However, if the CMF drops below zero, it would confirm that outflows are more substantial than inflows. As such, investor confidence will be confirmed as being on the low side.
In other words, it would make it more difficult for the HBAR crypto to recover quickly. Adding to the ongoing fears, technical indicators like the MACD are beginning to turn bearish.
The RSI on the daily charts sits at a 61 reading. This showed that the bulls are attempting to take control of the market. However, the MACD histogram has flipped negative. This showed that the bulls have much more work as the bears apply more pressure.
Can HBAR Price Rebound to $0.30?
HBAR price, as mentioned, now trades at around $0.27, where some stiff resistance currently sits. This price level has held the cryptocurrency down since early February. Also, a drop toward $0.236 support seems likely if market sentiment doesn’t improve soon.
On the bright side, this $0.236 support zone has held firmly during market crashes. It will be an excellent base for preventing a deeper correction.
Despite the lack of optimism about HBAR’s ability to break $0.27, there is still some hope. If the cryptocurrency can successfully reclaim $0.276 as support, the door will open for a rally to new highs.
HBAR crypto will likely run towards the next psychological resistance around $0.30. It also aligned with the upper Bollinger band on the weekly timeframe.
Until HBAR breaks through this $0.276 ceiling, it may remain trapped in a consolidation between $0.236 and $0.276. Conversely, a move beyond $0.30 could shift the narrative and turn investors on the sidelines into believers again.
Robinhood Rally Fizzles Out
The recent Robinhood listing gave the HBAR price a short-lived boost. On July 25, the announcement triggered a 12% jump in price. Retail investors gained easier access to the token. However, the bears soon caught up, and prices crashed.
Analysts say this pullback is likely due to profit-taking and is not a sign of weakness in Hedera’s fundamentals. However, the listing brought fresh attention to HBAR and boosted its daily volume while increasing exposure.
Meanwhile, Hedera continues to push forward with development. Its recent mainnet upgrade to version 0.63 added performance improvements to the network without downtime.
Moreover, its rising popularity in Washington amid its recent Congressional crypto briefing shows that the project is gaining traction.
Overall, the support levels to watch include the $0.236 zone. It is the immediate level and is currently in play. The $0.19 zone is also another strong historical support, which aligns with the 50-day SMA
Resistances to watch include $0.276. This must be reclaimed for any hope of bullishness and the psychological $0.30 zone.
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