Hedera Price Prediction: Temporary Dip or Long-Term Dive?

HBAR shows brief bearish trend, potential reversal to $0.18

• On April 24, #Hedera (HBAR) witnessed a remarkable surge to $1.810, demonstrating a 100% increase and hitting a two-year peak.

• Speculative reports of Blackrock's involvement in Hedera initially drove a surge in price, later debunked, leading to a correction to $0.105 and significant sell-offs with reduced trading volume.

• Analysis of the HBAR/USDT 4-hour chart revealed an Upward Channel pattern, followed by a potential breakout from $0.12 to the current price level of $0.106.

• Despite initial optimism, the price encountered resistance at $0.12, resulting in downward movements and a breach of crucial support at $0.114.

• This led to a bearish trend, pushing towards a lower support level around the 200 Simple Moving Average (SMA) at $0.100.

• Maintaining the price above the $0.100 support level could indicate a resurgence in bullish momentum, possibly testing the previous high of $0.180.

• According to Coin Gabbar analysis, Conversely, failure to sustain this support level may result in sideways trading or a retreat to the accumulation zone near $0.100.

KEY LEVELS :

RESISTANCE LEVEL : $0.12500-$0.14200

SUPPORT LEVEL : $0.10000-$0.09000

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