HBAR surged to $0.27, marking its highest price point in five months, propelled by strong bullish market sentiment.
Technical indicators, however, suggest potential near-term pressure. The Relative Strength Index (RSI) remains firmly above the 70 threshold, signaling overbought conditions that historically precede price corrections.
A significant risk exists at the $0.24 price level, identified as a critical liquidation zone. Experts warn that a dip to this level could trigger approximately $46 million worth of long contract liquidations, amplifying downward pressure on HBAR’s price.
The cryptocurrency is currently testing a crucial support level around $0.26. Maintaining this support could pave the way for HBAR to push higher towards the $0.30 mark. Conversely, failure to hold above $0.26 may lead to a decline toward the next significant support level at $0.22.
Market analysts advise traders to closely monitor the $0.26 support level and the high-risk $0.24 liquidation zone to assess the near-term direction of HBAR’s price movement.