Hedera (HBAR) recorded strong gains between September 12-14. The price of the cryptocurrency increased by 21.15% and lasted a little over two days. However, HBAR reached a higher time frame resistance zone at $0.054.
The popular cryptocurrency Hedera is also progressing towards being one of the best networks for stablecoin issuers, which could be of interest to long-term investors. However, in the short term, prices have been moving without a stable trend in the past two weeks. According to the 2-hour charts, Hedera was trading between $0.049 and $0.052. At the time of writing, HBAR has experienced a recovery from low levels, but its momentum and market structure indicate a downward trend.
According to experts, the $0.0506 medium-level resistance could be a target for investors in lower time frames who are willing to wait for this rally for a long time. Analysts noted that the CMF indicated a significant lack of capital inflows into the Hedera market in the past few days. However, this metric, for the majority of the past 48 hours, has been below -0.05, indicating strong selling pressure.
Analytics Company Reports on HBAR!
The $0.054-$0.057 range in the downward region could be a bearish order block according to the 12-hour charts. The ongoing decline since August 29th and the rejection from this resistance zone during the mid-September rally were significant. According to data from the analytics company Coinalyze, market sentiment has been in a strong downward trend since September 24th.
Open positions, a critical metric for cryptocurrencies, decreased as prices continued to fall, signaling a break in long positions and confidence in the negativity. However, experts believe that this situation could soon start to change. On the other hand, spot CVD saw a promising upward movement indicating a regain of strength by buyers in the spot markets. Nevertheless, HBAR continued to remain stagnant, indicating a lack of trust. According to experts, buying HBAR at low intervals could be risky due to these reasons, but a rise to the $0.052 level is also possible.
