Hedera Price Analyses: HBAR Extends Weekly Decline While Traders Watch for a Base Near $0.073

HBAR was valued at $0.07402, down 4.82% in the last 24 hours, according to BraveNewCoin data.

The token closed around the midrange of the trading day, as it closed between $0.07395 to $0.07810. The market cap was around $3.22 billion, and the reported volume of trading was $66.8 million.

HBAR Breaks Below Recent Support

The intraday chart indicates that HBAR has started the day at $0.077 and drifted down gradually. Initial bids to recover to $0.078 were unsuccessful, and the selling volume picked up later in the session.

Market data show the price fell below $0.076, followed by a run down to $0.0735. The turn resulted in a new short-term low and extended the downward trend of the highs since June 16.

The $0.073-$0.074 range is now the next support area. If this support is broken and holds, then $0.070 is back in play with the previous consolidation zone near $0.068.

The good news is that HBAR has to regain $0.075. Sellers have rejected previous attempts to rally, and stronger resistance is found between $0.077 and $0.078.

Momentum Indicators Favor Sellers

The MACD line dipped to about -0.00085, which is below the signal line located around -0.00058. The histogram also stayed negative at about -0.00027, indicating that the price continued to have a downward momentum as it neared the session lows.

Technical data show that Chaikin Money Flow was determined to be -0.37. The reading below zero means that volume sold exceeded volume purchased during the time period measured. Significantly, CMF has been negative since the last dip was initiated, indicating that buyers have not yet come back in force sufficiently to create a strong and lasting reversal.

There can be a brief recovery after the big drop, but two conditions needed for the chart to confirm a higher low and bull market momentum are not present yet.

Amazon Comparison Highlights a Longer-Term Scenario

Analyst Vuori Trading also noted a post-2021 market-cap make-up of Hedera versus that of Amazon following the dot-com bubble.

The charts are both bearish, as they both bottomed out in an early speculative high and have been consolidating above a rising trendline for a long time. The similarities imply that if HBAR’s base remains intact, it may be putting together a longer-term support structure.

But the analyst also said the pattern is not certain. Amazon’s performance is due to the enterprise’s own revenue growth and expansion, while HBAR’s market value will be influenced by network usage, adoption, token circulation, and the overall market environment.

The short-term outlook is bearish for the time being. The token has been in the vicinity of its daily lows and has been in a downtrend for quite some time now, and needs to regain the $0.077 to $0.078 area in order to show signs of turning the immediate downtrend into an uptrend.