Hedera’s price trend continues to face challenges, with a steady decline that has persisted for almost two months.
Efforts to reverse this downtrend have been unsuccessful thus far. Nevertheless, the market conditions display resilience, with inflows indicating a renewed sense of optimism among investors.
Hedera Has Investor Support
The Chaikin Money Flow (CMF) indicator shows a significant increase, signaling strong capital inflows into Hedera. These inflows have reached a two-month peak, reflecting rising investor interest in the asset amid wider market uncertainty.
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This activity suggests confidence in Hedera’s potential for a recovery. Investors seem to be purchasing during this dip, hoping to profit if the cryptocurrency can overcome its resistance levels. This renewed capital could aid in fostering a reversal.
From a technical standpoint, Hedera’s Relative Strength Index (RSI) remains above the neutral 50.0 level. This positioning suggests that bullish momentum is still present, despite recent challenges with price performance, keeping recovery hopes alive for the altcoin.
The continual strength in the RSI reflects a favorable macro environment for HBAR. While the downtrend persists, maintaining the RSI in a bullish zone offers Hedera a potential advantage to counter short-term bearish pressures.
As of now, Hedera is trading at $0.237, encountering resistance at $0.241. The cryptocurrency has been affected by a two-month-long downtrend that began after it failed to surpass $0.248 earlier this summer.
Considering the current market inflows and positive technical indicators, HBAR is likely to rebound from the $0.230 support. If successful, the price could test $0.241 and potentially reach $0.248. Breaking through this level would officially conclude the ongoing downtrend.
However, if bearish sentiment grows stronger, Hedera could falter. A drop below $0.230 would risk a decline toward $0.219. Such a movement would negate the bullish outlook and potentially extend the downtrend further.
