Hedera Hashgraph (HBAR) has come under pressure after breaking below a key technical support level. The move has raised the risk that any short-term rebound could face strong resistance, while lower price levels are once again coming into focus.

At the time of writing, Hedera Hashgraph is trading at $0.09208, according to data from CoinMarketCap, with a 24-hour trading volume of approximately $361 million and a market capitalization close to $3.93 billion.

While the token posted a marginal 1.48% gain over the last 24 hours, technical indicators suggest caution may still be warranted following the recent breakdown.

HBAR Slips Below Key Support

Crypto analyst CryptoPulse explained that the price of HBAR has “decisively lost an important support level and is now below the previous consolidation range.” This, he said, has changed the market structure, and the price action is now vulnerable unless we can reclaim the higher levels.

According to the CryptoPulse, a pullback towards the area of $0.10 to $0.105 could be an area where short-term selling opportunities may arise if the momentum decreases. If the pressure continues to come from the downside, the next level of interest will be at the $0.08 level.

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Hedera Hashgraph Targets Lower Demand Zone

Providing a longer-term outlook, analyst CrediBULL Crypto said that the setup of HBAR in a higher time frame looked fairly simple. He said that a move into a larger demand zone on the USD chart could offer investors a chance to buy in as an accumulation play.

One way of doing this is to place orders at different price levels between $0.04 and $0.08 as a way of gradually buying in as the price continues to trend lower.

CrediBULL Crypto also emphasized the need to pay attention to the HBAR/BTC trading pair rather than focusing on the USD price action. This is because, according to the analyst, this trading pair is still trading about 18% above its range, implying that a drop is possible relative to Bitcoin.

Going back to this lower end of this range could provide a good opportunity to enter this market, with the USD price depending on Bitcoin’s direction at that given time.

Overall, it seems that HBAR is at a crossroads from a technical perspective. The short-term charts suggest that there is considerable downside risk from this point, given the loss of support, but there are still participants in the lower regions of this coin that may be waiting to accumulate it if market and Bitcoin conditions remain stable.

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