HBAR price has been moving sideways in recent sessions, consolidating between key levels as investors weigh mixed signals. At the time of writing, the altcoin is trading at $0.255, and it is unable to break out decisively.
Broader market conditions, particularly Bitcoin’s trajectory, will likely determine whether HBAR can initiate recovery.
HBAR is Dependent on Bitcoin
HBAR’s correlation with Bitcoin currently stands at 0.72, a strong though not perfect alignment. This means the altcoin is highly responsive to Bitcoin’s moves, making BTC’s performance a leading indicator for HBAR’s short-term direction.
With Bitcoin showing signs of renewed bullishness, HBAR could benefit by following the larger asset’s cues. Investors often view correlated altcoins as secondary plays when Bitcoin rallies. If BTC sustains its positive momentum, HBAR has the potential to recover.
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From a technical perspective, HBAR’s Moving Average Convergence Divergence (MACD) indicator is approaching a bullish crossover. However, momentum remains limited, preventing confirmation. A stronger push from buyers is needed to turn the signal decisively bullish.
The histogram still reflects alternating bearish pressure, highlighting market indecision. For HBAR to establish a sustainable uptrend, the histogram must flip consistently into bullish territory.
HBAR Price Needs To Breakout
HBAR is currently consolidating, trading at $0.255 while oscillating between $0.271 and $0.244. The narrow range reflects investor caution, with traders awaiting external market cues. Without a decisive breakout, the altcoin may continue drifting sideways in the immediate term.
If Bitcoin strengthens and resumes its rally, HBAR could break resistance at $0.271. Such a move may open the door for gains toward $0.291, with potential upside extending further if bullish conditions persist.
Alternatively, a Bitcoin downturn could drag HBAR lower, pushing it beneath $0.244 support. In such a scenario, the altcoin risks falling to $0.230, undermining the bullish thesis and reinforcing caution among investors.
source : https://beincrypto.com