Hedera (HBAR) is undergoing a significant test of its key support level near $0.153 as bearish momentum intensifies and technical indicators signal oversold conditions. The cryptocurrency’s price action suggests a critical phase, with potential outcomes ranging from a technical rebound to a deeper decline.
HBAR has experienced notable losses, declining 9% over the past 24 hours and 25% over the previous month. This downward trajectory has pushed the asset into a technically oversold state, as reflected by a Relative Strength Index (RSI) reading of 22.29.
Technical analysis reveals weakening momentum, evidenced by a BBTrend value of -1.2. A bearish ‘death cross’ pattern, where shorter-term Exponential Moving Averages (EMAs) cross below longer-term EMAs, further indicates sustained downward pressure.
The $0.153 price level represents a crucial support zone. Failure to hold this support could trigger a steeper decline towards the next significant level around $0.124. Conversely, any recovery attempt would face substantial resistance at $0.168, followed by $0.175 and $0.183.
Market participants are closely monitoring whether the current oversold conditions will attract sufficient buyer interest to catalyze a rebound from the $0.153 support or if bearish forces will prevail, leading to further losses.