Hedera price could restart its 30% rally now that this has happened

  • Hedera price has been trading close to its immediate support at $0.063.
  • In order to recover the 29.8% crash of August 2022, HBAR will need to flip $0.076 into a support floor.
  • Losing the critical support at $0.056 would invalidate the bullish thesis, which could bring the HBAR price down to $0.049.

Hedera price pulled back from tagging the immediate resistance level at $0.069 following an 8.16% decline on Monday. HBAR, since then, has not made much of a move but is now in the zone to begin an uptrend.

Hedera price is looking to rebound

Hedera price slipped to trade at $0.064 at the time of writing, bouncing off the immediate support level at $0.063. The altcoin has been stuck in the consolidation zone between $0.069 and $0.063 for a week now.

Nevertheless, Hedera price had it coming since the cryptocurrency had been lurking in the overbought zone for the better half of January following its 95% rally.

The Relative Strength Index (RSI) has dipped back down into the bullish-neutral zone below 70.0, which gives HBAR the room it needs to rise again without being overbought.

A rise in Hedera price might note some resistance influenced by the broader market as the sentiment is still cooling down. But if Hedera price can breach the $0.069 resistance, buyers might be able to push the price to $0.076.

Flipping this critical resistance into support could see HBAR move higher toward $0.084 and mark a 30% rally.

HBAR/USD 1-day chart

HBAR/USD 1-day chart

However, should the price decline extend and HBAR lose its immediate support at $0.063, traders should practice some caution.

Hedera price would have another opportunity to bounce back at the critical resistance at $0.056, but a daily candlestick close below this level would invalidate the bullish thesis, leaving the altcoin vulnerable to a decline to $0.049.

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