After peaking at $0.29 earlier this month, Hedera Hashgraph’s HBAR token has retreated nearly 20%, now trading around $0.237 at press time.
Despite the red candles, several technical indicators suggest the retreat may be a temporary breather rather than the start of a full-scale reversal.
HBAR Price Action: Cooling or Cracking?
HBAR is currently consolidating near the $0.24 zone following a sharp rejection from its local July high at nearly $0.30. The price has tested and held support at $0.233, after testing it during the pullback.
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Importantly, HBAR remains above all major Simple Moving Averages (SMAs), including the 50- and 200-day lines, a structurally bullish signal. Still, the recent series of declining candles hints at short-term weakness, possibly driven by profit-taking.
The Relative Strength Index (RSI) has fallen from overbought levels and currently sits in a neutral zone. While this confirms waning momentum, it also leaves room for further downside before the bounce.
Meanwhile, the MACD indicator is beginning to flip bearish, with early signs of a downward crossover. However, the bearish divergence is still minor, implying this may be a consolidation phase rather than the onset of a broader reversal.
Can HBAR Hold Above $0.213 Support?Â
If current weakness persists, on a short-term basis, HBAR may extend its pullback toward $0.226 and possibly test the next major support at $0.213. A clean breakdown below $0.213 could shift the short-term market structure into bearish territory.
However, if bulls defend this zone, a rebound toward the $0.26 resistance is in play.
Bullish Structure Intact
Zooming out, the medium-term trend remains favorable. HBAR continues to trade above its 200-day SMA and has recently broken out of a multi-month descending trendline, signaling a renewed bullish momentum.
If the $0.21–$0.22 support range holds, HBAR could target a retest of $0.30 in the coming weeks.
A breakout above that level opens the door to the next resistance near $0.39, which aligns with previous consolidation zones from early 2023.
Why This Matters
This correction may serve as a reset after an overheated rally. With HBAR still holding above critical trendlines and averages, the bullish structure remains intact.
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HBAR is the native cryptocurrency of the Hedera Hashgraph network, a decentralized public ledger that uses a unique consensus algorithm called hashgraph rather than traditional blockchain technology. HBAR is used for transaction fees, staking, and securing the network.
HBAR recently declined nearly 20% from its July high of $0.29, largely due to profit-taking, market-wide cooling, and short-term technical corrections. This pullback brought HBAR down to a key support zone around $0.24.
Unlike blockchains, which rely on sequential blocks, Hedera uses a Directed Acyclic Graph (DAG) structure known as hashgraph. This allows for faster transaction speeds, low energy usage, and fairer ordering transactions.
