- Hedera’s price faces resistance at $0.37, with $0.40 as the next key target.
- Support at $0.34 and $0.30 will determine HBAR’s potential for further downside.
- RSI nearing overbought signals weakening momentum, despite bullish MACD crossover.
As Hedera (HBAR) navigates the challenges of the cryptocurrency market, January 18 could be a pivotal moment. With the price recently experiencing a decline, traders and investors are closely watching for signs of a potential breakout. Hedera’s current price stands at $0.3505, reflecting a drop of 5.85% in the past 24 hours. This price action signals bearish momentum in the short term.
Key Price Markers to Watch
HBAR’s price is currently holding steady near key support levels. The immediate support at $0.34 has been a crucial zone, with the price bouncing from this level previously. A more significant historical support exists around the $0.30 mark, where Hedera has consolidated in the past. These levels will be critical in determining whether the current price can hold or if further downside is likely.
On the resistance side, Hedera faces immediate pressure at $0.37, where the price has encountered rejection. If HBAR manages to break through this resistance, the next significant hurdle will be at $0.40, a level both psychologically and historically important. A successful breakout above $0.37 could set the stage for further upward movement, targeting the $0.40 resistance.
The overall sentiment surrounding Hedera remains bearish in the short term. The 1-day trend reveals a sharp sell-off following an unsuccessful attempt to hold above $0.37.
This pattern of lower highs and lower lows suggests a continuation of downward pressure, unless key levels hold. Despite this, the market cap of $13.41 billion reflects a strong position for Hedera in the broader crypto landscape.
Looking at technical indicators, the Relative Strength Index (RSI) stands at 61.15, indicating that the asset is in a bullish zone. But a drop below 55 could signal weakening momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) line remains above the signal line, indicating a bullish crossover. Nevertheless, the narrowing histogram hints at fading momentum, suggesting that any upward movement could be short-lived.
