HBAR Price Analysis Shows Major Support Test After Long Correction

HBAR was trading in a key technical zone as Hedera resumed a trend of higher prices after months of lacklustre movements. Now, analysts are keeping a close eye on whether the same rising trendline that was seen at the major retest levels can be sustained in the future.

As of the time of this writing, BraveNewCoin data reveals HBAR trading at $0.08746, losing 2.26% over the past 24 hours. This article examines the support base, short-term price data, and the Hedera pilot reference, bringing fresh attention to market watchers’ radar.

HBAR Retests Long-Term Support

If HBAR is able to make a third successful breakout from its long-term ascending support trendline, it may have a solid follow-up trade to make, ChartNerd said. There are three key retest zones as seen on the chart: first near 2020 lows, next in 2024 structure, and now a retest possible in 2026 structure.

The important part of the trendline is that it has been used as a long-term base over a couple of market cycles. Once it hits the rising support area on the weekly time frame, HBAR has bounced back a number of times, but each time it has been met with stiff resistance during major market corrections.

The most recent X chart has HBAR sitting along the same long-time demand line. If it is possible to achieve a clean hold above this structure, the multi-year support pattern would be maintained. A clear move below, however, would break the momentum of the bulls and signal that the sellers have gained control in the overall chart.

This reference alone does not affect the short-term chart of HBAR. But it provides some context as to why some traders persist in holding onto Hedera when prices are down. Now, the market is trying to find the equilibrium between technical support pressure and continuing enterprise and institutional pilot references.

Market Data Shows Short-Term Pressure

Market data showed HBAR trading at $0.08746, with a 24-hour low of $0.08541 and a high of $0.08984. The market cap was valued at almost $3.79 billion, and the total trading volume was $73.24 million.

The shorter time frame indicates that HBAR is still on the defensive cots, but the market has been holding up the $0.085 level so far during the last trading session. It is also well off its record $0.57 mark of September 15, 2021. It is now 84.59% away from that peak.

On a 24-hour time frame, as per the BraveNewCoin data, the price has been consolidating a downtrend from about $0.089 down to where it met a short-term bounce around $0.085. HBAR then bounced back to the $0.087 level, though it has yet to reach the previous session peak.

The first critical level for bulls is in the vicinity of $0.089 and $0.090. If the price is moving above that area, the price will be moving towards the higher demand after the support retest. The negative is that if the price action fails to close with a $0.085 loss, it allows for lower support and could weaken the overall retest pattern.

Hedera Pilot Mention Adds Fundamental Context

ALLINCRYPTO also noted that Hedera was recently involved in an Australian pilot. According to the shared image, Australian Payments Plus applied a token interchange service powered by a public network, with the rules applied through smart contracts to swap various privately-issued tokenized money forms.

Also, a digital twin of wholesale CBDC, dubbed “white coin”, was used as an interchange asset on the public network, while the underlying wholesale CBDC remained on a private network, the image said. The DLT networks used in the use case were the public-permissioned DLT network and the private-permissioned DLT network, Hedera and Hedera Hashgraph, respectively.

Analyst FOUR’s chart also noted a similar zone, highlighting that after a long correction, HBAR was sitting at a significant support zone. His chart indicates that HBAR has rallied up to a yellow demand area at the bottom of the chart, where it may begin a recovery toward the higher resistance, should buyers return.

Buyers will need to hold up the $0.085-$0.087 zone if that’s the case, though; for the time being, it’s up to them. A recovery above $0.090 would keep the case for a retest, but any failure to recover below $0.085 would put the long-term ascending trendline under significant pressure.