HBAR, the native token of Hedera, fell about 4% in the past 24 hours, mirroring a broad market dip. The recent slide pushed it close to a critical support level near $0.066, testing whether bulls can regain control.
The price action formed a classic falling wedge pattern, often seen as a bullish sign signaling a potential reversal. Crypto analyst Gopal noted that selling pressure seems to be waning while buyers defend support strongly as the price narrows toward the wedge's apex. A decisive breakout above the wedge resistance could trigger a rally toward $0.072.
Mixed Signals Amid Cautious Investors
However, the picture isn’t all upbeat. If HBAR breaks below $0.066, further losses could bring it down to the $0.059 mark, retesting long-term demand floors not challenged in years. On-chain data suggest both retail traders and crypto whales remain hesitant about calling a bottom at this stage, leaving HBAR’s next move uncertain.
The True Strength Index has been in negative territory for several days, hinting at underlying bearish momentum despite the falling wedge setup. This tension between technical optimism and cautious sentiment highlights the challenges HBAR faces in overcoming broader market headwinds.
