Can HBAR defend the $0.1 mark?

Hedera is currently trading at $0.1064 and has started to head lower due to the volatile phase related to yesterday’s Ethereum Spot ETF.

The $0.115 level could not be sustained, so HBAR is back in the consolidation phase on the 4-hour chart (green marker). The important support is at $0.1046 (upper support line), which represents the lower low of the consolidation that HBAR has been in for over 21 days now. Significant volume is accumulating in this zone.

It is known that in such a strong consolidation phase, breakouts can be strong if important resistance or support levels are breached. If HBAR fails to hold the support at $0.1046, the next support would be found at the 800-EMA, which is currently at $0.0995. This underlines the importance of the $0.1 mark as a psychologically important level that must hold.

HBAR has also fallen below several EMAs, including the 200 EMA, which is now above the current price.

Hedera: The indicators show a cautious picture

The MACD (Moving Average Convergence/Divergence) hardly records any major fluctuations and is currently moving neutrally, with a slight negative trend.

The RSI (Relative Strength Index) is at 34.3 points, which is almost in the oversold zone. This could indicate that a small correction to the 800-EMA is imminent, which would make the RSI strongly oversold and a countermove possible. This can provide a good opportunity for spot buying or building long-term positions.

Special attention should be paid to Bitcoin. If Bitcoin corrects again, it is unlikely that the altcoins will be able to withstand this pressure and compensate, which could lead to another strong correction in them.

About the author

Bastian Keller (Bitbull) has been operating independently in the Forex market since 2015 and has been a full-time trader in the crypto market since 2018. He actively shares this expertise on various social media platforms, especially on his YouTube channel “Bitbull Trading“, with more than 60,000 subscribers.