HBAR Struggles in Gaining Buying Confidence

The HBAR price crashed during 1 and 2 February, resulting in a steep drop toward the low of $0.177. However, HBAR price is now attempting to surge above the immediate resistance line.

The price of Hedera has dropped steeply over the last 24 hours, facing selling pressure around $0.282. Before that, HBAR price made a strong support at $0.177 and rebounded steeply but faced significant rejection at $0.282. However, Hedera’s trading volume has dropped by 27% in the last 24 hours, reaching $965 million.

Looking at a longer timeline, Hedera’s price dropped below $0.39 on December 3 and has been decreasing since then. In the starting of February, the price of Hedera faced a crash toward the low of $0.177. Its market capitalization has surged by 5.55% to $9.48 billion in the last 24 hours.

HBAR Struggles in Gaining Buying Confidence

The HBAR price crashed during 1 and 2 February, resulting in a steep drop toward the low of $0.177. However, HBAR price is now attempting to surge above the immediate resistance line. The past 24 hours have seen significant trading activity, including a notable push from buyers. Coinglass reports that approximately $1.38 million worth of Hedera trades were liquidated, with $847K from buyers liquidating their long positions, betting on price increases.

Following these recent price struggles, trading interest in Hedera has dropped. The open interest, indicating the total number of unsettled derivative contracts, has decreased to $196 million, showing a 1.6% drop in market engagement. Additionally, the market could continue facing challenges in its attempt for upward correction as the funding rate remains negative. Current data reveals the funding rate is at -0.0105%, suggesting a tilt in favor of sellers.

However, with the long/short ratio at 2.1417, indicating a rise in long positions where traders bet on price increases, market sentiment is mixed. Presently, 68% of traders believe Hedera’s price will increase, while 32% are betting it will decline.

Hedera Price Prediction: Technical Analysis

The crypto market is attempting for a recovery as HBAR price aims for a surge above the $0.28 level. However, the price of Hedera Hashgraph (HBAR) is still encountering resistance. Currently, the HBAR price is at $0.25, having surged over 3.24% in the last 24 hours.

The HBAR/USDT trading pair remains under $0.29, showing strong selling pressure from bearish traders. This price point may continue to be a significant barrier, as short-term holders (STHs) might opt to sell off their positions at this level.

However, buyers successfully rebounded the price from the low of $0.177-$0.21. We expect the HBAR price to retest its resistance at $0.29. If the price stays below the EMA20 trend line on the 1-hour chart, sellers could attempt to push it down towards $0.21 along the downtrend line.

With the Relative Strength Index (RSI) remaining below the midline at 39, there could be a drop toward $0.21. Should the price stabilize above $0.21, it could shift the advantage to the buyers, potentially driving the price up to $0.32.

Hedera Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, Hbar price might continue to struggle below $0.29. If the price moves above that level, we might see a trade around $0.32. On the down side, $0.21 is the range.

Long-term: According to the current Hedera Hashgraph price prediction on Coincodex, the price of Hedera Hashgraph is expected to rise by 29.41% and reach $0.32678 by March 6, 2025. Coincodex’s technical indicators suggest that the current sentiment is Bearish, while the Fear & Greed Index indicates a level of 72, representing Greed. In the past 30 days, Hedera Hashgraph has seen 14 out of 30 green days, with a price volatility of 9.69%. Based on this forecast from Coincodex, it is currently considered a bad time to buy Hedera Hashgraph.

How much is Hedera price today?

HBAR price is trading at $0.25 at the time of writing. The HBAR price has surged by over 3.24% in the last 24 hours.

What is the Hedera price prediction for February 4?

Throughout the day, the Hbar price might continue to struggle below $0