HBAR price drops over 4 percent in 24 hours! What does the data reveal for investors?

Correction after recent rally

After recently breaking above the $0.10 level, HBAR experienced a swift upward surge that was followed by a significant correction. Latest figures show HBAR now holds a market capitalization of approximately $4.17 billion, while its daily trading volume has reached $180.02 million.

Currently, HBAR is trading nearly 83.07 percent below its all-time high of $0.57, which was set on September 15, 2021. Nevertheless, it has managed to retain its market standing, ranking 33rd among cryptocurrencies by market value.

The wave of correction that followed HBAR’s rapid rise has created a market landscape where buyers and sellers remain actively engaged.

A look at the 24-hour chart shows that while the price initially climbed toward $0.099, it subsequently dropped to around $0.094 before swiftly recovering to test $0.098, only to retreat back toward the $0.096 zone. These swings highlight intermittent appearances of buyers, although selling pressure persists at higher levels.

Analysts eye support and potential rebound

Crypto analyst Crypto Tony has brought attention to a “drop and bounce” scenario in HBAR. According to the analyst’s chart, the price may retest its support area once more before a potential attempt at recovery emerges.

The recent sideways movement and low base levels over the past months have been interpreted by some traders as an opportunity. However, the analyst emphasized that this expected rebound is not yet confirmed by price action; for a recovery to take hold, HBAR needs to surpass both its support area and short-term resistance levels.

Glossary: The MACD (Moving Average Convergence Divergence) indicator tracks the convergence and divergence of moving averages to provide popular trend reversal and momentum signals in stocks, forex, or cryptocurrencies. A positive gap between the MACD and signal lines points to an upswing, while a negative gap suggests a downtrend.

For HBAR to remain above its short-term moving averages, new buyers need to step in at lower levels. According to the analyst, a strong recovery sign would require HBAR to first hold its base, then break through overhead resistance convincingly.

Market metrics and technical indicators

According to TradingView data, the HBAR/USDT pair was trading at $0.09596 at the time of reporting. On the short-term 30-minute chart, the price is moving below the $0.09710 midline of the Bollinger Bands. The upper band sits at $0.09923 while the lower band marks $0.09498.

Technically, the slightly negative MACD reading reveals that price momentum remains weak. Buyers will need to defend the $0.094 to $0.095 zone to prevent further declines; otherwise, the price could retest its recent low at $0.09387.

For HBAR to regain traction in the near term, the price must reclaim the $0.10 level and show sustained buying interest.