The HBAR price has fallen 16% in the last seven days, reflecting a prolonged downtrend. However, technical indicators suggest that the downtrend is weakening and the price may be stagnating. The ADX has fallen to 11.46, indicating that trend strength is waning.
HBAR is currently at a crossroads between the critical $0.233 support and $0.274 resistance levels, which will determine the direction the price moves.
ADX Shows Downtrend Weakening
HBAR’s ADX is currently at 11.46, well below the 23 level three days ago. This sharp decline indicates a significant weakening in trend strength. The low ADX indicates that the downtrend is losing strength and the price is likely to be less volatile, although selling pressure continues.
The Average Directional Index (ADX) measures the strength of a trend, with readings above 25 indicating a strong trend, while readings below 20 indicating a weak trend. HBAR’s current ADX is 11.46, indicating that the trend is weakening and selling pressure may not be sufficient to cause further sharp declines. Unless the ADX increases, the HBAR price may remain in a narrow range, with limited movement.
Ichimoku Cloud Signals Bear Market for HBAR
HBAR’s Ichimoku Cloud indicator shows that the price is in a bearish trend as it is below the red cloud. The difference between Senkou Span A and Senkou Span B reinforces the bearish sentiment. This suggests that selling pressure is dominant and Hedera is having difficulty finding support.
Tenkan-sen (conversion line) is still below Kijun-sen (base line), confirming that short-term momentum is weak and a downtrend is in place. Also, Chikou Span (lagging line) remains below the price action and the cloud, indicating continued downward momentum.
For HBAR to signal a bullish signal, the price would need to break above the Ichimoku cloud and hold that level, but current indicators suggest that the probability of such a reversal is low.
HBAR Price Prediction: 12.7% Drop?
HBAR may soon find strong support at $0.233. If the current downtrend continues, the price is expected to drop another 12.7%. However, the weakening ADX suggests that the downtrend is losing momentum and the price may not be able to sustain further declines. If the $0.233 support holds, HBAR may consolidate or rally in the short term.
If the trend reverses, HBAR price could test the $0.274 resistance level. Breaking this level could indicate increased bullish momentum and lead the price towards the next resistance at $0.311.
These levels will determine whether the HBAR price can break out of the downtrend or if selling pressure will continue.