HBAR price prediction: How THESE price levels could dictate its next move

Key Takeaways

• HBAR bulls have established a bullish market structure on the daily chart. Key Fibonacci retracement levels were standing as obstacles, and a short-term range formation was possible.

Hedera [HBAR] was trending higher, but its momentum had stalled over the past three days. The demand for the token remained strong, but the liquidation levels could dictate how HBAR moves in the coming days.

Hedera has confirmed a bullish market structure, surpassing the $0.194 level and solidifying an uptrend.

Bulls have also reclaimed the 50% Fibonacci retracement level, measured from the March downtrend when HBAR fell from $0.288 to $0.125.

For three consecutive days, buyers have successfully defended the $0.206 support level. However, sellers are challenging it once again.

Despite this, the OBV does not indicate strong selling pressure. Instead, it has been trending upward since mid-April and has now exceeded its March highs.

This was a sign of persistent buying pressure. Therefore, it appeared likely that HBAR would move toward $0.253, the 78.6% retracement level. If the bullish momentum of Bitcoin [BTC] and the altcoin market can continue, HBAR might register a bigger rally.

Short-term range ahead for HBAR?

The 1-month liquidation heatmap highlighted the $0.2 and $0.23 levels as the closest magnetic zones for Hedera. These were the levels that would attract prices to them, since the price is attracted to liquidity.

The $0.2 level was just above the swing high from late March, while $0.23 was slightly beyond the 61.8% Fibonacci retracement level.

Zooming in on the 1-week liquidation heatmap, the importance of the $0.2 level was reinforced. The buildup of liquidity in this region was evident, as was the proximity of the market price.

Therefore, a move to $0.195-$0.2 was highly likely for Hedera in the near term. After a sweep of this liquidity, a bullish reversal was anticipated. Traders could look to position themselves accordingly, while also managing their risk responsibly.

This bullish reaction was likely to reach $0.23, but whether it could push higher was unclear. This presented the possibility of a range formation in the coming days.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion