Hedera (HBAR) Could Face Major Decline If This Support Fails

Crypto analyst Jesse Olson has highlighted a concerning technical pattern that suggests Hedera (HBAR) could be poised for a downturn. Despite months of rallying last year, HBAR has faced resistance in breaking out of a narrow price range.

After rallying for the best part of last year, Hedera (HBAR) prices have encountered a roadblock in breaking out of a limited price range. This has sparked concerns among traders, with some speculating that HBAR might be headed for lower prices.

Crypto analyst Jesse Olson has identified a worrying technical pattern that suggests HBAR could be on the verge of a downturn. Several red flags have been noted, indicating a potential sell-off in the coming days.

Olson points out that HBAR prices have been largely confined within a narrow range, with some attempts to break out, but to no avail. This price action, coupled with a bearish divergence, paints a concerning technical picture.

Moreover, a pending sell signal on the daily chart further strengthens the bearish case. Notably, three out of four price targets have already been hit, leaving only one crucial support level standing between current prices and a potential steep decline.

Olson’s analysis suggests that if this final support fails to hold, HBAR could see a dramatic move lower, potentially pushing prices below $0.15. This would mark a significant loss from current prices and could come as a blow to traders who have been anticipating higher prices.

However, this bearish scenario could be reversed if more buyers step in to support HBAR prices at lower levels.