Traders are watching HBAR closely right now. The price charts show it might be heading down to some important support levels. Crypto analyst Zen posted about this on X (formerly Twitter), pointing out key price zones to watch if HBAR drops lower. The overall crypto market is pretty steady at the moment, so these support zones could determine where HBAR goes next.
Hedera Price Movements and Support Zones
HBAR’s price action reflects a sharp rally followed by a period of consolidation and a gradual decline. Zen identified two specific support zones that may come into play during a price drop. The first is a Day Fair Value Gap (FVG) between $0.187 and $0.207, which could act as a retracement area for short-term recovery. The second, referred to as the Weekly Breaker Zone, lies between $0.102 and $0.120, representing a stronger correction point based on weekly chart data.
The chart analysis also underscores resistance levels near $0.2300 and $0.2450, where Hedera’s price previously failed to break higher. Traders may look to these levels for potential reversals if HBAR begins to recover.
Volume Trends and Bearish Momentum
The volume data on the chart suggests higher activity during the upward price movement, followed by a significant decline as the market entered consolidation. Lower highs formed after the recent peak indicate a short-term bearish trend, with the price gradually moving toward the identified support zones.
Image Source: X/Zen
Zen’s prediction aligns with this trend, noting that the Day FVG zone is likely to be tested first, while the Weekly Breaker Zone could serve as a fallback if the price continues its descent.
Furthermore, Zen’s tweet emphasizes the possibility of HBAR’s price revisiting one of the two support zones before resuming upward movement. The Day FVG, being closer to the current price, is the more immediate level to monitor. However, should HBAR breach this zone, the Weekly Breaker Zone could act as a strong support, as seen on higher timeframes.
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Key Takeaways for Traders
Traders should closely monitor HBAR’s price action around the $0.187 – $0.207 range. A break below this zone could lead to a retest of the Weekly Breaker Zone at $0.102 – $0.120, where long-term support may emerge. Observing volume trends and potential reversals near these levels can provide further clarity on HBAR’s next price direction.
HBAR’s journey will likely hinge on whether these zones hold or give way, shaping its path in the evolving crypto market.
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