HBAR price has rallied over 130% from its June low, but recent price action shows signs of weakness as a potential bearish reversal pattern begins to take shape.
Summary
- HBAR price surged approximately 130% from a double bottom low of $0.13 on June 22 to a peak of $0.30 on July 27.
- Since peaking near $0.30, HBAR has pulled back to the breakout zone around $0.25 instead of making a higher low.
- A potential double top near $0.30 has formed, signaling increasing selling pressure at this level.
- If the double top pattern is confirmed by a breakdown below the $0.23 support level on strong volume, it could trigger a deeper correction toward $0.20 or even $0.18.
Hedera (HBAR) price has recently staged a parabolic rally, climbing over 130% from the $0.13 low on June 22, which marked the second bottom of a well-defined double bottom formation. This rally was supported by rising volume and a bullish crossover of the 20-day EMA over the 50-day SMA.
The breakout above the neckline resistance at $0.23 confirmed the pattern and triggered further bullish momentum, driving HBAR price to a local high just above $0.30, narrowly missing the full measured move target near $0.33.
HBAR price prediction
Since reaching the $0.30 level, however, Hedera price has pulled back, failing to establish a higher low and instead retracing to the breakout zone of the previous double bottom, currently trading around $0.25. Moreover, it briefly dipped below the 20-day EMA though quickly recovered above it, as strong buying pressure reaffirmed this level as solid support—evidenced by an 8% green daily candle printed yesterday.
While the broader uptrend remains intact—supported by the bullish 20-day EMA crossing above the 50-day SMA—the recent pullback to the breakout zone suggests caution. Additionally, the price action is now approaching a potential double top formation near the $0.30 resistance level. This is bearish because HBAR price made two unsuccessful attempts to break above the $0.30 resistance level, failing to sustain momentum on both. These repeated rejections indicate increasing selling pressure and weakening buying interest at this key level.
However, the bearish reversal pattern is not yet confirmed. For confirmation, HBAR price would need to break below the $0.23 support zone on high volume, in which case it could potentially revisit the previous levels $0.20 or even $0.18.
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