Hedera (HBAR) has made a notable gain of 6% recently, but it is still grappling with ongoing bearish momentum. Although it experienced a brief uptick earlier today, the cryptocurrency has struggled to hold onto this positive momentum. Hedera’s market cap currently stands at $8.4 billion, and the technical indicators present a mixed outlook for the token’s short-term price action.

BBTrend Suggests Persistent Bearish Momentum

Hedera’s BBTrend, a key momentum indicator based on Bollinger Bands, currently sits at -0.71. This suggests that the coin remains under bearish pressure, with prices tending toward the lower range of the Bollinger Bands. The indicator had briefly recovered after hitting a negative peak of -6.21 on February 20, but it quickly dropped back into the negative territory.

BBTrend values below 0 signal weak or negative momentum, while readings above 0 indicate bullish trends. The current negative reading highlights continued downside risks for Hedera. Despite the recent rise, it seems that the bearish sentiment may still prevail unless the price action undergoes a significant reversal.

Ichimoku Cloud Shows Possibility of Bullish Reversal

The Ichimoku Cloud chart presents a more cautious view of Hedera’s short-term prospects. Recently, HBAR managed to break above the cloud, which is typically a bullish signal. However, the cloud itself remains relatively thin and slightly bearish, implying weak resistance.

Moreover, the Tenkan-sen (blue line) is positioned above the Kijun-sen (red line), suggesting that short-term momentum is still leaning toward the bullish side. Yet, the proximity of these lines signals a lack of strong trend conviction. Additionally, the Chikou Span, which is above the price, is a confirmation of bullish sentiment, but it remains close to the price candles, showing indecision in the market.

This indicates that while a bullish reversal could be on the cards, the signal is not yet confirmed. A failure to maintain the breakout above the cloud could quickly invalidate this potential uptrend.

Resistance at $0.24 and Potential for $0.32

Looking ahead, Hedera’s price is approaching the $0.24 resistance level. If buying interest continues to build, HBAR could successfully break through this resistance. A move above $0.24 could see the price testing the next resistance zone at $0.29, with the possibility of further gains toward the $0.32 range, marking the first time since February 1 that Hedera would trade above the $0.30 mark.

The Exponential Moving Averages (EMAs) currently show that the bearish trend is still dominant, with short-term EMAs positioned above long-term ones. However, if the short-term EMAs cross above the long-term lines, it could trigger a bullish shift, fueling additional buying interest.

Bearish Risk at $0.19 Support

Despite the bullish potential, the ongoing downtrend cannot be ignored. If the price fails to break through $0.24 resistance, HBAR may experience renewed selling pressure, potentially testing the $0.19 support. A break below this key level would likely indicate that the bearish momentum is strengthening, possibly pushing Hedera toward the $0.179 level.

Conclusion: A Critical Time for Hedera (HBAR)

Hedera (HBAR) currently finds itself at a crossroads. The recent 6% rise is a sign of potential recovery, but BBTrend and Ichimoku Cloud signals suggest that the bullish momentum is not yet confirmed. The key levels to watch are $0.24 for resistance and $0.19 for support. If HBAR can break above resistance, it may have the potential to test $0.32, but it must first prove that it can sustain a bullish reversal.