HBAR at Two-Month Low: But Traders Hold On to Recovery Hopes
Hedera’s native token HBAR has fallen to its lowest level in the last two months due to the recent downward momentum. Nevertheless, a large portion of market participants maintains their faith in the possibility of a recovery. Technical indicators and market sentiment point to a possible directional change.
Positive Funding Rates and Continued Confidence
HBAR's funding rates continue to remain generally positive. The rates that have only temporarily fallen into negative territory indicate that traders still maintain their bullish expectations. This reflects that despite the current selling pressure in the market, investors continue to position themselves for a potential price jump.
This positive stance could be a key element for HBAR's recovery. If the current confidence environment continues, this situation may lead to an upward breakout in prices.
RSI Indicator Gives Reversal Signal
On the technical analysis side, the Relative Strength Index (RSI) has recently entered the bearish zone but has started to show signs of recovery. The current level of the RSI indicates that HBAR is approaching the oversold area, which could trigger a potential reversal.
Similar RSI conditions at the beginning of April had caused a short-term price increase. Therefore, a similar scenario may be repeated.
Critical Support Levels: $0.154 and $0.163
Currently, HBAR is trading at $0.151 and has experienced a 15.8% loss in value over the past week. The current price remains below the resistance of $0.154, while investors expect this level to be regained as support.
For HBAR's recovery process to be successful, the levels of $0.154 and then $0.163 need to be firmly established as support. Maintaining these levels could provide a strong signal that the downtrend has ended.
Risk Factors: Market and Geopolitical Developments
On the other hand, if global market conditions or geopolitical uncertainties create pressure again, downside risks for HBAR continue. In particular, a break below the support level of $0.145 could take the price down to $0.139 and invalidate the current optimistic outlook.
Such a scenario could lead to a notable weakening in market sentiment and new selling pressure on HBAR.
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