Hedera [HBAR] approached $0.08 on October 22 as its retreat from its September rally continued. It traded near $0.08057 on the daily chart, down roughly 4% from the day’s opening price at the time of this writing.
That leaves HBAR close to a level that could shape its next move. Holding $0.08 would give buyers room to attempt a recovery, but a sustained break below it could see it go to the $0.075–$0.077 price area.
September’s gains continue to unwind
HBAR briefly climbed above $0.13 in late September, but buyers were unable to make sure that they kept those gains. The daily chart has since formed a series of lower peaks, with rebounds fading before they could reverse the decline.
Looking at the recent trading trends, a similar story can be seen. HBAR was around the $0.083–$0.085 price area for some time before slipping toward the $0.08 area at the time of this writing.
It also traded below its four displayed moving averages, and these show that the recovery is not strong yet.
What happens if HBAR loses $0.08?
The immediate test is to see if buyers can keep HBAR around or above the $0.08 price level.
A brief dip below that level would offer less confirmation than a close beneath it followed by an unsuccessful recovery attempt. If it moves that way, it would strengthen the case for further weakness.
If that happens, the $0.075–$0.077 price level becomes an area that the price could find support. HBAR traded around this range a couple of times before its September surge, which makes it a reasonable zone to watch for buying to start again.
However, looking at earlier trading activity does not guarantee that buyers will return.
Buyers face an early hurdle at $0.085
Holding the $0.08 would be a good starting point for it. But buyers would still need to lift HBAR back above the $0.084–$0.085 price area, an area that saw a lot of trading activities.
A sustained recovery through that area could make the $0.087–$0.088 price area an area to look forward to.
But for now, the chart favors caution. HBAR remains near its latest session low, and if it goes up, it would need to hold above the recent levels to suggest that the decline is slowing down.
Final Summary
- HBAR approached the $0.08 price area, but a sustained break could take it to the $0.075–$0.077 area.
- Buyers need to recover the $0.084–$0.085 price area before the outlook begins to improve.