The price of HBAR sits at a critical point right now. The price is testing support levels that could show where it’s headed next. On X, crypto analyst Sjuul called this a “do-or-die level.” A falling wedge pattern has formed near support, suggesting a possible trend reversal. The market is waiting for a clear direction.
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Hedera Support and Resistance Levels Define the Range
HBAR’s price is trading within a defined range, with resistance near its historical peak and a support zone acting as a safeguard against further declines. The resistance zone has consistently marked the point where selling pressure outweighs buying interest, halting upward momentum.
On the other hand, the support zone continues to act as a strong barrier, attracting buyers to stabilize HBAR’s price. Below the support zone lies a broader demand area, where significant buying interest has been observed in the past. These levels form the framework within which the price movement unfolds.
HBAR Chart Analysis
A falling wedge pattern has emerged just above the support zone. This pattern, often associated with bullish reversals, indicates price compression into a narrower range. The consolidation phase within the wedge is characterized by smaller candles, reflecting reduced volatility and market indecision.
Furthermore, historical trends suggest that if HBAR’s price breaks out of this pattern on the upside, it could trigger a move toward the resistance zone. However, the absence of a breakout might lead to a continuation of the downward trend, testing the demand zone below.
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Sjuul’s analysis also reinforces the chart patterns. Referring to the current setup as a “do-or-die level,” the tweet emphasizes the importance of the support zone in shaping the price direction. The observation of a falling wedge pattern aligning with this zone adds weight to the possibility of a bullish reversal. Sjuul advises market participants to monitor the pattern closely, as a breakout above the wedge could mark the beginning of a potential upward trend.
Hedera Market Outlook and Key Levels to Watch
As the price of HBAR consolidates near its support zone, the market awaits confirmation of the next move. A breakout from the falling wedge could pave the way for upward momentum, with the resistance zone being the next target.
Conversely, a breakdown below the support level could lead to further bearish sentiment. Traders are encouraged to watch the key levels and confirm breakouts before entering the market to avoid false signals.
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