HBAR Price Analysis: Is $0.284 Within Reach?

HBAR Price Outlook: Bullish Breakout or Temporary Rally?

HBAR Price– Hedera [HBAR] recently retested the $0.176 support level, a key point outlined in an earlier February analysis, although the price action took longer to unfold than expected. This came after Bitcoin [BTC] experienced a dip below the $92k support, which had a ripple effect on altcoins. However, Hedera [HBAR] has begun to show positive reactions following recent market losses.

Hedera [HBAR] is now on a bullish trajectory, with a target of $0.284. A significant development came when the price broke above the previous lower high at $0.23, signaling a bullish market structure shift on the daily chart. This upward movement followed the defense of the 61.8% Fibonacci retracement level at $0.175, indicating strong support in that area.

Changing Market Dynamics

The Chaikin Money Flow (CMF) indicator had been deeply negative, reaching -0.24 on February 24th, but in recent days, it reversed course. By press time, the CMF was at +0.09, showing a shift from bearish to bullish capital flows. Despite this, the Awesome Oscillator remained below the zero line, signaling that bearish momentum is still present in the market.

The price of Hedera [HBAR] may face resistance in the $0.255-$0.265 range, a former support zone from December that failed to hold in January. Although a quick surge to $0.35 seems unlikely, the fair value gap between $0.216 and $0.242 could be revisited before a more substantial upward move.

Social Sentiment and Liquidity Developments

Recent data from Santiment indicated a decline in Social Volume along with price movement. However, this trend has shifted, with Social Volume improving and the Weighted Sentiment turning positive. The 1-month liquidation heatmap showed that the liquidity pocket at $0.25 has been cleared, and the price could consolidate around the $0.24 level, potentially building up liquidity for further moves.

As it stands, potential price targets are $0.267, $0.284, and $0.326, while the $0.224 and $0.24 levels could act as support zones.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.