Hedera Hashgraph Consolidates Around $0.23 Support, Traders Eye Breakout Levels
Hedera Hashgraph (HBAR) is currently trading at $0.234, holding within a tight consolidation range after a sharp decline from its recent highs near $0.30. The market has found stability around a support zone between $0.23 and $0.24, preventing further downside pressure, while upside resistance remains capped near $0.28.
After a steep rally in July that lifted HBAR from $0.12 to nearly $0.30, the cryptocurrency has entered a sideways accumulation phase. Technical indicators show that buyers are defending the green support region, but a lack of strong momentum has kept price action trapped below the $0.28 resistance zone marked in red.
A decisive move above $0.28 could reignite bullish sentiment and set the stage for a retest of $0.30 and beyond. Conversely, a breakdown below $0.23 support might trigger a deeper correction, with the next significant level of interest near $0.20.
Market observers highlight this consolidation as a natural cooling-off period after the token’s explosive summer rally. “HBAR is in a healthy consolidation phase. The fact that support at $0.23 continues to hold despite sell-offs is a positive sign for accumulation,” According to BITX technical strategist .
BITX analyst commented, “What matters now is volume confirmation. A breakout above $0.28 with strong volume could fuel a significant leg higher, but until then, traders should expect more range-bound activity.”
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.