In early July, the price of HBAR broke out of a long-term downtrend, increasing by 90%. However, the current dynamics raise concerns about a possible decline.
Overview of HBAR's Rise
In early July, HBAR's price broke the long-term downtrend, sparking interest among short-term holders. The HBAR token surged by nearly 90%, jumping from around $0.13 to just below $0.25. This rise coincided with Bitcoin's breakout, contributing to a positive market trend.
Key Support Level at $0.23
Currently, the entire bullish structure of HBAR seems to hinge on a single level — the $0.23 zone. This level has served as a solid support since mid-July, with the price testing this area multiple times without breaking below it. The most recent closing price was around $0.24786. The chart shows this support level aligns with the breakout point from an earlier downward trend channel.
Future of HBAR: Bullish or Bearish?
If HBAR fails to hold the $0.23 level, it could result in a significant decline, potentially down to $0.13, representing a drop of over 40%. Currently, the price is hovering slightly above this level, but without increased volume and support, this value remains precarious. Losing the $0.23 level may send a strong bearish signal, which could undermine confidence in HBAR's short-term recovery.
At this point, HBAR's price is at a crossroads: it could either confirm the breakout with a bounce and renewed momentum or break down and face a steep correction.
