Hedera Hashgraph (HBAR) recently experienced a notable 40% price decline, causing concern among investors. Despite this setback, the altcoin has shown resilience by holding above a crucial support level of $0.228.

For a sustainable recovery, HBAR will need support from both investors and broader market conditions. The Relative Strength Index (RSI) for HBAR's price indicates a potential upturn, with buying pressure on the rise. Confirmation of sustained bullish momentum hinges on the RSI surpassing the neutral line at 50.0.

While signs point to possible bullish movement, the market may take time to fully recover, with resistance likely at multiple levels. Technical indicators like the Ichimoku Cloud suggest a bullish outlook in the long run, though immediate recovery could be delayed.

Currently trading at $0.246, HBAR faces resistance at $0.248. Limited support from the broader market may keep the coin consolidated, with short-term momentum possible upon breaking past resistance levels. However, a significant recovery to pre-decline levels appears challenging without stronger bullish backing.

If bearish trends prevail, HBAR could dip below $0.228, potentially sliding towards $0.200 or lower. This outcome would disrupt the current optimistic outlook, dampening investor sentiment and prolonging the price decline.