Is The HBAR Price Rally Over With A 23% Drop?

Story Highlights

• The HBAR price rally comes to a halt with a strong bearish reversal this week.
• Positively, the technical indicators SMA & MACD continue recording bullish sentiment, hinting at a potential reversal.
• The HBAR altcoin is currently trading at a discount of 46.71% from its ATH of $0.5701.

Despite Bitcoin price achieving the $100k mark and major altcoins recording a massive price rally, the Hedera price has experienced a major setback after repeatedly failing to break out of its important resistance level above the $0.337 mark.

Is the dream run of Hedera over? Or will this altcoin make a strong bullish comeback and smash its multi-year high during the upcoming weeks? In this article, we have covered the short-term price analysis of the Hedera (HBAR) crypto token.

HBAR Price Records a Strong Bearish Reversal This Week!

The Hedera price has dropped ~7% in 24 hours with a trading volume of $3.419 billion. Moreover, it has dropped over 23% this week, highlighting an increase in the selling pressure. However, in the longer time frame, it has soared ~600%, hinting at a possible reversal this month.

The Moving Average Convergence Divergence (MACD) witnesses a decline in its green histogram. However, the averages show a massive uptrend in the daily time frame. This indicates a mixed price sentiment for the 18th largest crypto token in the market.

On the other hand, the SMA indicator has been supporting the Hedera price chart since the beginning of November. This highlights a long-term bullish price action for the altcoin.

Will HBAR Price Go Up Again?

If the bulls hold the Hedera price above its support level of $0.278, this could result in this altcoin retesting its resistance level of $0.337. Reportedly, if the bullish sentiment intensifies, this could push the price of it toward its 52-week high of ~$0.393 this month.

On the contrary, if the bears regain momentum, the HBAR coin price could breach its $0.278 level and plunge toward its low of $0.231 this December.

Are you one of many who are curious to find out the long-term price prospects of HBAR token? Read our Hedera Price Prediction to uncover the possibilities until 2030 and beyond.

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