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Hedera (HBAR) is showing tentative signs of recovery after a prolonged bearish phase, with key momentum indicators signaling cautious optimism among traders.
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Despite a 17% decline over the past month, technical analysis reveals potential for a bullish breakout if HBAR surpasses critical resistance levels.
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According to COINOTAG insights, the emergence of a golden cross in HBAR’s EMAs could serve as a catalyst for renewed upward momentum.
Hedera’s HBAR faces resistance near $0.175 as BBTrend and RSI indicators show mixed signals; a golden cross in EMAs may trigger a breakout above $0.20.
HBAR’s BBTrend Indicates Lingering Bearish Momentum Despite Recent Easing
Hedera’s BBTrend remains slightly negative at -0.195, reflecting ongoing bearish pressure that has softened since early June but has yet to fully reverse. This indicator, which assesses price movement strength relative to Bollinger Bands, suggests that while the extreme selling seen earlier has diminished, the market sentiment remains cautious.
Since May 26, the BBTrend has consistently hovered below zero, with a notable low of -12.54 recorded on June 2, underscoring sustained downward momentum. Although the indicator briefly touched 0.09 recently, this did not translate into a decisive bullish shift, highlighting the need for stronger buying interest to confirm a trend reversal.
Understanding BBTrend’s implications is crucial for traders: a positive reading signals upward momentum, whereas a negative value points to continued selling or sideways price action near the lower Bollinger Band. HBAR’s current position suggests that investors should remain vigilant for confirmation before committing to long positions.
RSI Recovery Shows Buyer Interest but Faces Resistance
Hedera’s Relative Strength Index (RSI) has rebounded from oversold territory, climbing from 27.62 on June 5 to 57.17, indicating a gradual shift in market dynamics. The RSI holding above the neutral 50 level since June 6 suggests that buyers are gaining traction, albeit cautiously.
However, the inability of RSI to surpass the 60 mark over recent sessions signals resistance and a lack of strong bullish conviction. This plateau implies that while momentum is improving, it remains insufficient to sustain a robust rally without additional catalysts.
Given that RSI values above 70 denote overbought conditions and below 30 indicate oversold markets, HBAR’s current range suggests a transitional phase. Traders should monitor RSI movements closely, as a decisive break above 60 could herald increased buying pressure and a potential price surge.
Potential Golden Cross in EMAs Could Propel HBAR Above Key Resistance
Technical analysis points to a possible golden cross formation in HBAR’s Exponential Moving Averages (EMAs), a bullish signal that occurs when a short-term EMA crosses above a long-term EMA. This event often precedes upward price momentum and could be pivotal for HBAR’s near-term trajectory.
If the golden cross materializes, HBAR is poised to challenge resistance at $0.175. Surpassing this level with conviction may open the path toward $0.193, and potentially enable the token to reclaim the psychologically significant $0.20 mark, which it has struggled to maintain since late May.
Conversely, failure to sustain upward momentum could result in a retracement to support levels near $0.160. A breach below this support might expose HBAR to further downside risk, potentially testing lows around $0.155.
Conclusion
Hedera’s HBAR is at a critical juncture, with technical indicators presenting a mixed but cautiously optimistic outlook. The easing of bearish momentum, coupled with RSI recovery and the prospect of a golden cross, suggests potential for a bullish breakout. However, traders should exercise prudence as resistance near $0.175 remains a significant hurdle. Monitoring these key levels and momentum signals will be essential for anticipating HBAR’s next move in the evolving crypto landscape.
