HBAR price holds its recovery—can it clear $0.083?
Hedera’s HBAR is holding above recent support, although buyers still face two hurdles at $0.080 and $0.083.
HBAR traded near $0.078 on Tuesday, 15 September, after recovering from a drop to $0.0763, up by 0.36% at the time of this writing.
The modest gain keeps HBAR’s recent recovery alive, but buyers must be able to overcome the $0.080 price area, and then the $0.083 price area, before the rebound can develop into a stronger advance.
HBAR steadies after August breakout
HBAR spent much of the summer losing ground, with its price falling from around $0.10 in June to around $0.065 by the middle of August.
But then it was back, as it climbed past $0.08, having broken out of a falling wedge!
HBAR hit $0.0799 during Tuesday trading, but as it did not breach the $.080 level, it fell back to around $0.078, leaving buyers in range of another attempt.
It is also trading at a price point above where it spent a lot of the last few weeks; this strengthens the cause for the rally instead of invalidating it as an outlier.
Why $0.083 remains the key test
Since its recent rebound in August, HBAR has stagnated near $0.083. If it can overcome this resistance level, it will surpass its recent highs, reinforcing the notion that buyer dominance is returning.
HBAR moving from $0.078 means it would need a rise of 6.4%, i.e. to $0.083.
The chart’s momentum reading indicates that buying pressure is only slightly stronger than the selling pressure. The volume is only 14.5m HBAR, however, which is far below what was seen during the surge in August.
More convincing confirmation of recovery is still needed. A rise propelled by busier trading would be more persuasive of that fact, encouraging it to break the US$0.083 line than hovering at it.
Should HBAR lose the $0.076, $0.77 area, the latest spike might end up being a fade, but if it is able to move beyond $0.083, the longer-term barrier will be near $0.089.
Final Summary
- HBAR traded around $0.078 after recovering from an intraday low of $0.0763.
- The recovery remains, but muted volume and resistance around $0.083 make any case for a rise difficult to support for now.
