Hedera Hashgraph’s HBAR token has plunged to its lowest price point in two months, reflecting recent downward pressure in the market.
Despite this significant price decline, traders appear to maintain confidence in a near-term recovery. This sentiment is reflected in HBAR derivatives markets, where the funding rate has remained predominantly positive, suggesting continued expectation of an upward price move.
Technical indicators offer a potential glimmer of hope. The Relative Strength Index (RSI) currently suggests a possible rebound could materialize, with historical data showing similar conditions often preceding price bounces.
However, sustaining any recovery hinges critically on HBAR maintaining key technical support levels. Analysts highlight $0.154 and $0.163 as crucial price floors; holding above these levels is seen as necessary to validate bullish prospects.
Failure to hold these designated support zones could lead to further declines, potentially pushing HBAR down toward the $0.139 mark. Such a breakdown would likely invalidate the current optimistic technical outlook. Broader market conditions or geopolitical tensions remain risk factors that could exacerbate declines if critical support fails.