The price of Hedera (HBAR) has gone through a consolidation phase in recent weeks, recording a slight increase of 3.8% over the past seven days. This token is trying to maintain a market capitalization above $11.5 billion, amid signs of weakening market momentum.
Although HBAR is still in an upward trend, technical signals indicate that both the possibility of continuing to rise or reversing could occur. Traders are closely monitoring whether HBAR can break through key resistance levels or if the price will test lower support areas.
HBAR continues in an upward trend but may soon reverse.
The Average Directional Index (ADX) of Hedera is currently at 35.9, reflecting that trend strength remains strong, although it has decreased slightly from 37.7 a few hours ago. ADX measures trend strength on a scale from 0 to 100, with values above 25 indicating a strong trend and below 20 indicating weak or nonexistent momentum.
The current level indicates that the price of HBAR is still in a strong upward trend; however, the slight decline in ADX suggests that momentum may be gradually diminishing.
Average Directional Index (ADX) of Hedera | Source: TradingView
The directional indicators (+DI and -DI) provide additional context. The +DI indicator is at 24.9, down from 38.2 two days ago, while the -DI has risen to 15.1 from 9.1 during the same period. This indicates that although buying pressure still dominates, it has significantly weakened, and selling pressure is increasing.
If this continues, the upward trend may lose momentum. HBAR is likely to enter a consolidation phase or even a downward trend unless buying activity is strengthened to increase the +DI index and stabilize the ADX.
The Ichimoku Cloud of HBAR shows mixed signals.
The Ichimoku Cloud chart of HBAR currently reflects a mixed setup. The price is now trading close to the red cloud, indicating a period of uncertainty as the market tries to establish a clear direction.
Although the green cloud ahead suggests potential bullish momentum, the price's position near the red cloud indicates that further confirmation is needed to solidify the upward trend.
Ichimoku Cloud chart of Hedera | Source: TradingView
The Tenkan-sen line (blue conversion line) is trending down and getting closer to the Kijun-sen line (orange baseline), signaling that short-term momentum is weakening.
For the price of HBAR to regain an upward trajectory, it needs to decisively break above and maintain its position on the cloud. Conversely, if the price breaks below the cloud, it could signal a shift to a downward trend, leading to deeper declines.
HBAR price prediction: Will it drop to $0.23 in January?
Currently, the price of HBAR is consolidating between the key support level of $0.274 and the resistance level of $0.311. A 'golden cross' formed a few days ago, but the price of HBAR could not break through the resistance around $0.32.
If the current upward trend regains momentum and breaks through the resistance level of $0.311, Hedera may sustain its upward momentum, testing the next resistance level at $0.338.
HBAR/USDT 4-hour chart | Source: TradingView
However, if the support level of $0.274 is not held, the current trend could reverse into a downward trend. In this scenario, the price of HBAR could face additional selling pressure, pushing the price down to the next support level at $0.233.
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