Hedera (HBAR) is attempting a recovery after experiencing a significant 40% price correction over the past 30 days. Despite ongoing bearish indicators, there are signs that selling pressure may be easing. For a sustained rebound, HBAR will need to overcome several resistance levels, with $0.248 being the key target to watch. However, further downside risks remain if support at $0.21 is breached.

HBAR’s Struggle and Market Sentiment

HBAR has faced a substantial decline in value recently, but the cryptocurrency is showing some signs of a potential reversal. As of today, the price of Hedera is still below critical resistance, with the 30-day drop continuing to affect investor sentiment. The downtrend remains intact, but there are hints that the worst might be over, as some technical indicators show improving trend strength.

The Average Directional Index (ADX), part of the Directional Movement Index (DMI), has been on the rise, indicating that the market trend is gaining strength. However, the ADX is still below the crucial level of 20, signaling that the trend has not fully confirmed a change yet. It’s a sign of stabilization in the downtrend, but stronger buying momentum is needed to trigger a reversal.

Resistance at $0.248 and Support at $0.21

Hedera is attempting to regain some ground, and its immediate resistance lies at $0.248. If HBAR can break through this level, it may open the door for further gains, with potential to test higher levels like $0.32. However, for now, selling pressure is still a concern, and the price is trading below the Ichimoku Cloud, a bearish sign in technical analysis.

The Ichimoku Cloud remains red, indicating resistance ahead. If HBAR fails to break above the cloud at approximately $0.23, the downtrend could persist, potentially leading to another dip toward the $0.21 support level. A breakdown below this support would intensify the bearish outlook, pushing the price toward a deeper correction.

DMI Indicators Suggest Easing Selling Pressure

The DMI indicators have shown some improvement recently. The +DI (buying pressure) has increased from 10.9 to 13.9, while the -DI (selling pressure) has declined slightly from 22.3 to 19.4. This suggests that the selling pressure is easing, while buying momentum is gradually picking up. However, the trend remains bearish, as the -DI is still above the +DI, indicating that the downtrend remains dominant.

For a trend reversal to occur, the +DI needs to cross above the -DI, which would signal that buying momentum has overtaken selling pressure. Until this happens, the trend is likely to remain in consolidation, with no clear direction.

Short-Term Outlook for Hedera

In the short term, the Exponential Moving Averages (EMA) for Hedera are still indicating a bearish trend. If the downtrend continues, HBAR could test the $0.21 support level once again. A break below this level could trigger further downside, potentially pushing the price toward $0.179.

On the upside, the $0.248 resistance level will be a critical point for HBAR to reclaim. If the price can break above this level and sustain momentum, it could shift the trend toward a more bullish scenario, leading to further upside potential.

Conclusion: Can HBAR Make a Comeback?

Hedera is attempting to recover after a significant price correction, but it faces several challenges in terms of resistance and market sentiment. The DMI and Ichimoku Cloud signals suggest that a reversal is possible, but stronger buying momentum is needed for HBAR to overcome the current resistance levels. Investors will need to closely monitor the price action around key support and resistance zones to determine whether a bullish trend can develop.