Key Levels Indicate Stability Amid Growing Interest
Hedera Hashgraph (HBAR) is showing signs of strong market structure as the price consolidates near $0.24 after a significant rally in July. The asset recently broke out of a prolonged descending channel, marking the end of a bearish phase that lasted for weeks. Since then, HBAR has established a support zone between $0.225 and $0.235, while facing resistance around $0.280.
The breakout from the falling wedge pattern in late June triggered a sharp upward move, pushing HBAR from the $0.12 range to above $0.30 within a few weeks. Currently, the price is consolidating just above the green support zone, suggesting a healthy retracement rather than a trend reversal. Analysts believe this range could act as a base for the next bullish leg if buying momentum sustains.
“The consolidation phase is critical for long-term growth. Holding above $0.23 signals that bulls are still in control,”According to BITX technical market analyst.
“HBAR’s ability to maintain these levels during market uncertainty reflects investor confidence,” According to BITX crypto strategist.
If HBAR holds above the $0.225-$0.235 support, the next major test will be a break above $0.280, which could open the door to $0.30 and beyond. Conversely, a drop below the support zone may lead to a retest of $0.20, but current momentum favors the bullish scenario.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.