HBAR price continued its downtrend on Tuesday; however, a new technical outlook reveals that HBAR may be heading into a significant turning point. Even though the HBAR price is down 2% over the last 24 hours, the analysts have noted that the asset is currently trading within a key historical support zone.
At the time of writing, HBAR is trading at $0.07359, according to CoinMarketCap. The token recorded $81.46 million in daily trading volume and held a market capitalization of approximately $3.21 billion.
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HBAR Price Tests Major Weekly Support
A crypto analyst, Crypto Patel, pointed out that the HBAR price is down by roughly 83% from its latest local peak price, making the coin re-enter its weekly long-term buying range of $0.058 to $0.042. In experience, this area has shown to be a solid level of support where major buyers come in before the next rally.
Crypto Patel added that HBAR had fallen into a weekly order block, which is a level at which the stock usually starts to attract buyers’ interest following prolonged corrections. In turn, the overall market structure will be intact for as long as HBAR holds above $0.0356 weekly.
There is yet another major obstacle left. HBAR has to capture and retest above its long-term descending trend line to validate the reversal of the broader trend. Otherwise, the current trade set-up will continue to remain a probable breakout target.
In case of a confirmed breakout, Crypto Patel pinpointed price levels for potential gains to $0.16, $0.35, and $1.00 eventually, implying an estimated profit of about 1,600% from present price levels.
Previous Market Cycles Support the Bullish View
Crypto Patel made his projections based on HBAR’s past price movement cycles.
In 2020, HBAR spent many months making a base around a critical support level before experiencing an explosive rise of about 1,800% in 2021. As is common among cryptocurrencies, it went into an intense bear market phase and lost about 94% of its value between 2022 and 2023.
HBAR price rebounded by around 800% in a relief rally in 2024, but now a new correction has made the asset retreat to the vicinity of the same long-term support area.
As per the assessment, it is important to note that such a scenario has occurred before, and it was always followed by the expansion phase. But past events do not repeat themselves for sure and need to be confirmed through market action.
Derivatives Data Shows Cautious Positioning
Furthermore, the statistics of the market indicate that the trading activity of the derivatives of the HBAR price has declined over the past day.
The open interest fell by 5.21% to $90.60 million, which implies that most investors have closed their leveraged positions due to a fall in the price momentum. In addition to this, the volume has declined by 28.79% to $90.07 million.
Meanwhile, the OI-weighted Funding Rate is -0.0018%, which is a very slight indication of negativity in the market, since a small negative value of the funding rate means that the demand for short positions was marginally greater than the demand for long positions.
What’s Next for HBAR Price?
The next important development for HBAR would be to see if the price can hold the weekly demand area while managing to break above the declining trendline that has been capping prices for several weeks.
If bulls manage to take the price above this level and close the week on a high note, technical analysts could start looking towards the potential areas of $0.16, $0.35, and finally $1.00.
In the meantime, HBAR price continues to consolidate, with support in the long run being the key focus, as investors try to figure out whether history will repeat itself or the market will enter a weak cycle.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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