Investor caution surrounds HBAR's recent price movement as the altcoin struggles to break free from a two-month consolidation phase. This setback has caused HBAR to retreat back into its previous trading range, disappointing hopes for a sustained uptrend.
The lack of confidence among investors, coupled with minimal inflows, is weighing down on the cryptocurrency's performance. Technical indicators suggest that HBAR's upward momentum is weakening, with the Average Directional Index (ADX) falling below the critical threshold of 25.0. This diminishing trend strength indicates growing uncertainty among traders regarding HBAR's short-term outlook.
Additionally, the Parabolic SAR indicator signals a shift towards a downtrend, reflecting a decrease in bullish sentiment. The macro momentum, as indicated by the Chaikin Money Flow (CMF) indicator, remains lackluster, suggesting a dominance of outflows in the market.
Currently priced at $0.30, HBAR has retraced by 7% over the past 24 hours and is once again trading within the consolidation range of $0.33 to $0.25. Failure to hold the $0.33 support level could see HBAR testing the lower boundary at $0.25, potentially leading to a 17% correction.
Reclaiming $0.33 as support may provide an opportunity for HBAR to challenge the $0.40 resistance level, signaling a reversal in the bearish sentiment and attracting renewed buying activity.