- HBAR dips 9.96% but remains up 18.08% over seven days, trading at $0.3331, with cautious market sentiment.
- Technical indicators show bearish pressure; MACD crossover negative, Bollinger Bands narrowing, resistance at $0.35, support at $0.32.
- Hedera’s AI-focused partnerships with NVIDIA, Intel, and EQTY Lab may drive future growth and tech market leadership.
On January 21, at the time of publication, Hedera (HBAR) had a 9.96% dip in the past 24 hours, trading at $0.3331. Despite this short term drop, HBAR remains up by 18.08% over the last seven days. Analysts Steph is Crypto and Trader Merlijn, note critical market movements and patterns that could lead to a bullish surge.
Price and Technical Indicators
HBAR is trading just below the middle Bollinger Band, which is the dynamic resistance. The upper band is at $0.37, while the lower band is at $0.32, showing reduced volatility due to the narrowing bands.
Recent movements from the upper to the lower band suggest ongoing bearish pressure. The MACD indicator shows a bearish crossover, with the MACD line at -0.00394 and the signal line at -0.00059.
The histogram displays negative bars, indicating persistent downward momentum. Trading volume is moderate at 5.6 million, not showing significant buying interest or signs of a reversal.
Immediate resistance is at the middle Bollinger Band, $0.35, and breaking this could push HBAR toward $0.37. A stronger resistance level is around $0.38, correlating with previous highs. On the downside, the lower Bollinger Band at $0.32 provides immediate support. A breach of this level could see the price test the psychological $0.30 mark.
Market Sentiment and Analyst Insights
The current market sentiment appears cautious, with the bearish MACD crossover and reduced volatility hinting at possible consolidation. According to Steph is Crypto, HBAR has successfully retested a critical breakout point, suggesting a technical price target of $3.21.
Meanwhile, Trader Merlijn emphasizes the significance of the recent retest, hinting at potential wild market moves ahead. Recent price action shows a breakout from a descending triangle pattern, typically signaling a bullish shift.
The price is above the resistance trendline, suggesting a change in market sentiment. Large bullish candlesticks in mid January point to strong momentum, though the current mix of bullish and bearish activity shows market indecision.
Support has shifted to the $0.32 to $0.33 range post breakout. A continued upward trend could target previous highs between $0.38 and $0.40. However, failure to maintain the new support could lead to a retest of lower trendlines around $0.3000.
Developments and Partnerships
Hedera has recently integrated with NVIDIA, Intel, and EQTY Lab for Verifiable Compute. This collaboration aims to enhance AI governance and transparency, potentially positioning Hedera as a key in cutting edge AI infrastructure. The strategic partnership shows Hedera’s growing lead in the tech market and could influence future price movements.
