Key Takeaways
In a dazzling dalliance with destiny, HBAR has cupped itself at $0.237, once more courting the formidable $0.26 threshold that previously sent it tumbling downwards like a drunken dancer at a wedding. Could this bullish fantasy lead to a triumphant breakout, or will it simply flop into obscurity?
Hedera [HBAR] finds itself once again on the brink of the perilous $0.26 cliff, a place that heralded a 50% nosedive earlier in the year—what a delightful memory, isn’t it?
At this very moment, the elusive HBAR hovers around $0.237, sporting a modest 1.6% increase over the last 24 hours, as chronicled by our ever-reliable companions at CoinMarketCap.
Having flirted with this resistance before and met with nothing but heartbreak, we now ponder: Will this retest ignite fervent jubilance or send us plunging into despair once more?
Bullish on-chain metrics fuel confidence
Despite potential calamities looming in the distance, traders seem to have donned their rose-colored glasses, placing their bets heavily on long positions like hopeful gamblers at a so-called “sure thing” horse race.
Data, as lovingly curated by CoinGlass, reveals that 66.02% of Binance traders were joyfully long on HBARUSDT as of July 16th. Truly a confidence measure worthy of a toast! 🥂
The Long/Short Ratio, standing proudly at 1.94, paints a bullish picture, akin to a painting filled with potential. Yet, be wary—such levels can attract the valiant bears if bulls fail to turn $0.26 into a cozy little support.
Exchange outflows point to accumulation
Our gallant investors have shown remarkable zeal, their stampede toward accumulation evident in the past 48 hours. Such fervor to hoard a mysterious token! How quaint!
More than $4.48 million worth of HBAR has mysteriously vanished from exchanges—perhaps sent on a luxurious vacation? This outflow, concomitant with the current correction, hints at a charming build-up of buying pressure, potentially helping the asset unfurl its wings at that key resistance level.
Technical setup signals potential breakout
AMBCrypto’s sage scholars of technical analysis depict HBAR cozied up just beneath the foreboding $0.26 resistance zone—oh, what a sweet spot to be in!
A breakout above $0.265 could have the price soaring to $0.37, a delightful 39.6% leap—perhaps even worthy of a ballet! 💃
However, should this enchanting price fail to lift off, we may find ourselves slipping back to $0.22, a dismal descent of roughly 13%. Such is life, always oscillating between triumph and tragedy.
On the grand scheme of things, HBAR holds a glimmer of bullish hope, thriving above the 200-day Exponential Moving Average (EMA) at $0.1808, like a candle flickering bright amidst the encroaching shadows.
But heed this caution: the Relative Strength Index (RSI) sits at a staggering 78, signaling the area of overindulgence and raising the chance of a short-term correction before we can properly celebrate any significant breakout.
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2025-07-17 02:19