- HBAR dropped 12.5% in 24 hours, with bearish momentum reflected by a declining ADX at 27.9.
- The Ichimoku Cloud shows strong resistance, keeping HBAR below key levels and sustaining the downtrend.
- Support at $0.27 and $0.26 could stabilize prices, while a breakout above $0.30 might lead to gains up to $0.338.
Hedera (HBAR) has taken a significant hit, falling 12.5% in the last 24 hours with trading volume hovering around $1 billion. This sharp correction is consistent with bearish technical indicators, such as a declining Average Directional Index (ADX) and resistance highlighted by the Ichimoku Cloud. Despite the downturn, there’s still a glimmer of hope for a recovery if key support levels hold.
ADX Highlights Persistent Downtrend
The Average Directional Index (ADX) for HBAR has dropped from 37.9 to 27.9 since the correction began. The ADX measures trend strength on a scale of 0 to 100, with values above 25 indicating a strong trend. While the current reading shows the downtrend is still in play, the decline in ADX suggests bearish momentum might be losing steam.
If the ADX continues to drop, HBAR could enter a consolidation phase, reducing volatility and selling pressure. However, for the trend to reverse, buying activity needs to increase significantly. Until then, the bearish sentiment is likely to persist, with potential tests of lower support levels.
Ichimoku Cloud Signals Resistance
HBAR’s Ichimoku Cloud chart paints a clear bearish picture. The price is trading below the red cloud, a zone created by the gap between the Senkou Span A and Senkou Span B lines. This red cloud represents resistance, and its downward slope indicates ongoing pressure on the price.
Further bearish signals include the lagging Chikou Span sitting below both the price and the cloud, which supports the continuation of the downtrend. For any recovery to take place, HBAR would need to break back into the cloud, accompanied by a shift in the alignment of key Ichimoku lines.
Critical Support Levels and Price Predictions
HBAR’s EMA lines suggest that the current correction could deepen if short-term EMAs cross below long-term EMAs, forming a “death cross.” This signal often indicates stronger downward momentum, which could push HBAR to test support levels at $0.27 and $0.26. A further drop to $0.23 remains a possibility, marking a potential 17.8% decline from current levels.
However, the weakening ADX offers a glimmer of hope for stabilization. If HBAR can hold above these key support levels, it could regain bullish momentum and challenge the $0.30 resistance. A breakout above $0.30 could open the door to gains, targeting $0.32 or even $0.338, representing a potential upside of 20.7%.
Outlook for Hedera
While Hedera faces significant bearish pressure, the possibility of a recovery isn’t off the table. Traders should keep an eye on key support and resistance levels, as well as any shifts in technical indicators like the ADX and Ichimoku Cloud. Whether HBAR consolidates, continues its decline, or stages a comeback, the next few days will likely set the tone for its short-term trajectory
