Hedera (HBAR) has experienced a significant 37% decline over the past month, with its price hovering below $0.30 for almost a month now. Technical indicators are painting a bearish picture, with the DMI indicating a lack of clear direction and weak trend strength.
The Ichimoku Cloud is also suggesting continued downward pressure for HBAR, as it struggles to surpass key resistance levels. Maintaining a bearish alignment, the EMA lines signal potential further declines unless there is a resurgence in buying momentum.
Hedera DMI Signals Uncertainty
The Directional Movement Index (DMI) for HBAR shows a diminishing strength in trend, with the ADX dropping to 13.5 from 17.4 previously. A value below 20 on the Average Directional Index (ADX) typically indicates a weak market trend.
The declining ADX for Hedera might indicate a period of consolidation or sideways movement, as the downtrend loses momentum. The recent decrease in both the +DI and -DI suggests that selling pressure is waning while buying interest remains subdued.
HBAR's Ichimoku Cloud Portrays a Gloomy Outlook
The Ichimoku Cloud chart for HBAR reflects a bearish sentiment, with the price trading below the red cloud (Kumo), signaling a continuation of the downtrend. The Tenkan-sen is positioned below the Kijun-sen, reinforcing the bearish outlook and indicating weak buying momentum.
Moreover, with the Senkou Span A below the Senkou Span B, the cloud projects ongoing downward pressure for Hedera in the near term. Unless there is a breakthrough above the Kijun-sen towards the cloud, the bearish trend is likely to persist.
Potential Price Movements for HBAR
The EMA lines for HBAR indicate a prevailing bearish trend, with short-term EMAs below long-term ones. The recent test of support at $0.177 suggests a potential retest, with a break possibly leading to a drop to $0.125 and continuing the bearish trend.
A reversal in sentiment could see HBAR testing resistance at $0.24, with a breakthrough possibly propelling the price to $0.32. For a more bullish scenario towards $0.40, short-term EMAs must cross above long-term ones to signal a reversal.
The $0.177 support level will play a crucial role in determining the future direction of HBAR's price action amidst the current market uncertainties.