An analysis of the current prices of Hedera (HBAR) indicates negative trends with the possibility of further declines unless changes occur.
Current HBAR Market Situation
Since early July, HBAR has been showing a negative trend. The asset has been trading amidst lower highs, and recently the support level between $0.227 and $0.23 was breached, worsening the situation. After a failed attempt to rebound from this level, HBAR may be in for further declines, with the next significant support level around $0.196.
What Needs to Happen for HBAR to Rally
To change the current negative dynamics, HBAR needs to reclaim the $0.23-$0.24 range. This level serves not only as key resistance but also as a major indicator for confirming a change in trend. If the price can break through this resistance and reach $0.3, it will create the grounds for strengthening bullish sentiment in the market.
HBAR Prospects for September
According to the current analysis, a further decline in HBAR prices seems more likely. For an uptrend to occur, the asset needs to reclaim lost levels, break through the descending trendline, and overcome resistance at $0.3. Success in this regard will determine the further dynamics throughout September.
The current conditions in the HBAR market indicate a potential risk for further decline to $0.196. However, recovering above key levels could create an opportunity for a reversal.
