Hedera (HBAR) Price Prediction 2023: Will HBAR Recover Its Lost Glory?

The price of Hedera (CRYPTO: HBAR) has witnessed a strong bullish rally over the past few months. However, the bullish trend was halted near the $0.38 mark and showed a decent fall. Each time, the HBAR price failed to reach its previous swing, showcasing weakness.

Recently, the Hedera price showed resistance at the descending trendline and reacted negatively. Amid this fall, the price slipped below the 20-day EMA and heads toward the support level of $0.25.

Also Read: Fluctuation In Outflow And Inflow Noticed: What Could Be Its Outcome?

As observed, spot flows, in particular, stayed largely in the bears’ favor over the past seven days. At the time of observation, just over $3 Million in inflows were made during the last 24 hours.

However, by the end of the day, outflows had increased by more than $7 Million.

The negative spot flows showed the market’s lack of confidence. This was despite previously noted hope that the sell pressure wave that began in December would pass quickly.

Additionally, it ran counter to recent market fervor, particularly concerning the HBAR crypto. This is because its weighted funding rates stayed positive over the past seven days.

Hedera Price Forms A Descending Triangle

At press time, the HBAR price was seen trading at $0.279 with an intraday loss of 3.18% in an intraday session. The market cap stood at $10.73 Billion, and the 24-hour trading volume was noted to be $1.1 Billion.

On the daily time frame, the Hedera price forms a descending triangle. As per the technical chart, the token is likely to take support at the support level of $0.25.

If the price takes support at the $0.25 level and forms any bullish candlestick pattern, then buying could be expected. Once the HBAR crypto price departs from this level, it might travel to the descending trendline.

If the price manages to trigger a breakout from the triangle, then buying pressure can be experienced. A successful breakout could lead to a massive bull run, and a new all-time high can be recorded.

Alternatively, if the HBAR price drops below the $0.25 level, then sellers might be attracted. Most investors and traders may prefer to square off their active long position. Profit booking may lead to strong selling pressure.

RSI has dropped below the RSI-based moving average, which showcases the bearish forecast. The MACD and the Signal line continuously fall, indicating the sellers’ grip.

HBAR Price Overview And Forecast

The Hedera price showed a significant price drop. It was trading below key support levels and faced resistance from a descending trendline.

Negative spot flows and fluctuations in inflow and outflow highlighted the recent bearish sentiment. That indicated a lack of market confidence.

As the price approaches the critical support level of $0.25, traders are on high alert for potential bullish patterns. These bullish patterns could trigger a buying opportunity.

However, if the HBAR price falls below this level, it may attract increased selling pressure as investors look to secure profits. Technical indicators, such as the RSI and MACD, further suggested a bearish outlook in the near term.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.