Hedera (HBAR) price is making a comeback following a notable 40% dip over the past month. While the downward trend persists, signs point to a potential alleviation of selling pressure.

Though the Ichimoku Cloud and EMA lines display bearish signals, an uptick in buying momentum could trigger a breakout at key resistance levels. Should HBAR reclaim lost territory, it might edge towards $0.248 in the near future. Conversely, a loss of support at $0.21 could lead to further downside.

HBAR DMI Indicates Potential Letup in Downtrend

The HBAR DMI chart indicates a rise in its ADX from 14.2 to 19.3 in recent days, signaling a strengthening trend. With ADX still below 20 but on the rise, there are indications of a potential stabilization in Hedera's downtrend.

The directional indicators show an increase in +DI from 10.9 to 13.9 and a decline in -DI from 22.3 to 19.4. This points towards a waning selling pressure coupled with a gradual recovery in buying momentum.

The Ichimoku Cloud Highlights Ongoing Bearish Trend for HBAR

Analyzing the Ichimoku Cloud for HBAR, the price is currently positioned below the cloud, indicating a bearish trajectory. The cloud's red color and forward projection hint at potential resistance ahead.

Both the baseline (Kijun-sen) and conversion line (Tenkan-sen) are stagnant, indicating feeble momentum. A break above the cloud, currently situated at around $0.23, would be necessary for a trend reversal.

HBAR Price Prediction: Will Hedera Drop Below $0.2?

The Hedera price chart reveals short-term EMA lines below the long-term ones, affirming a bearish outlook. If the downtrend persists, HBAR could test the support level at $0.21, potentially sliding further down to $0.179.

To the upside, a trend reversal could target the $0.248 resistance, paving the way for a bullish surge towards $0.32. However, realizing this scenario hinges on a significant change in momentum and heightened buying pressure.