The Altcoin project Hedera (HBAR), which announced that Blackrock’s new fund was token in its block chain in April 2024, has difficulty exceeding the critical $ 0.20 resistance level. Increased volatility indicates the possibility of a short -term rise.
HBAR cannot overcome 0.20 resistance
Hbar has not been able to break the strong resistance of $ 0.20 recently. This failure led to increasing volatility in the market. However, despite this negative picture, the price of Altcoin is likely to experience a short -term rise in the near future.
Despite the difficulties, the market may see a short -term price increase, but fluctuations may continue.
The correlation between HBAR and Bitcoin fell to 0.8 and began to approach the negative area. This shows that Hbar began to distinguish between Bitcoin’s movements. If the correlation continues to weaken, Hbar may not be able to fully benefit from Bitcoin’s stability over 85,000.
This decrease in the correlation indicates that market conditions have changed for HBAR. If Altcoin stops closely following Bitcoin’s price movements, it may face additional difficulties. While Bitcoin provides stability, HBAR’s remaining in an isolated market position may adversely affect the ability to catch up.
Technical Indicators Volatility Pointing to “Increase” for the price of Altcoin
When we look at HBAR’s general market momentum, technical indicators such as Bollinger bands show that volatility has increased. The compression of the bands is often considered a harbinger of a large price movement.
Historically, during such jams, a sharp price increase is experienced when the candlestick closes under the average line. Currently, the contraction of Bollinger bands indicates that HBAR may have recently an increase in volatility.
This compression usually results in an upward and a short -term increase in the price of HBAR is expected. However, this rise may not be long -term and then new difficulties may come.
Will Hbar be able to break the resistance? What levels are waiting for Altcoin investors?
Currently traded at the level of 0.183 HBAR, $ 0.20 is difficult to overcome resistance. However, existing market dynamics indicate that this obstacle can be overcome in the short term.
It seems possible that a short -term rise exceeds $ 0.20 and reaches 0.222 or 0.250. This kind of movement draws attention, especially as a repeated pattern since the middle of January.
However, if the decreasing correlation with Bitcoin continues, HBAR may not be able to maintain this rise. If the loss of momentum occurs, there is a risk of falling below HBAR’s support for 0.177. In this scenario, the price will decrease to 0.165 levels and this can strengthen the current decrease trend by invalidating the expectations of the rise.
