Hedera [HBAR] was trending higher, but its momentum had stalled over the past three days.

The demand for the token remained strong, but the liquidation levels could dictate how HBAR moves in the coming days.

As signaled earlier, the price of [HBAR] had been trending higher, but its momentum had stalled over the past three days.

After a strong run-up from the $0.125 low to the $0.253 high, the price of HBAR had encountered resistance around the 61.8% Fibonacci retracement level.

This was after the token had confirmed a bullish market structure, having risen above the $0.194 level to solidify an uptrend.

Moreover, bulls had also managed to reclaim the 50% Fibonacci retracement level, measured from the March downtrend when HBAR fell from $0.288 to $0.125.

For three consecutive days, buyers had managed to defend the $0.206 support level, but sellers were putting up a final push to break below it.

However, the OBV did not indicate strong selling pressure as it had been trending upward since mid-April and had now crossed above its March highs.

This was a sign of persistent buying pressure.

As such, it seemed likely that HBAR would move toward the $0.253 level, the 78.6% retracement. If the bullish momentum of Bitcoin [BTC] and the altcoin market can continue, HBAR might register a bigger rally.

Short-term range ahead for HBAR?The 1-month liquidation heatmap highlighted the $0.2 and $0.23 levels as the closest magnetic zones for Hedera. These were the levels that would attract prices to them, since the price is attracted to liquidity.

The $0.2 level was just above the swing high from late March, while $0.23 was slightly beyond the 61.8% Fibonacci retracement level.

Zooming in on the 1-week liquidation heatmap, the importance of the $0.2 level was evident. The buildup of liquidity in this region was evident, as was the proximity of the market price.

As such, a move to $0.195-$0.2 was highly likely for Hedera in the near term. After a sweep of this liquidity, a bullish reversal was anticipated. Traders could look to position themselves accordingly, while also managing their risk responsibly.

This bullish reaction was likely to reach $0.23, but whether it could push higher was unclear. This presented the possibility of a range formation in the coming days.