Hedera Price Prediction: HBAR Approaches Key Resistance Level at $0.26, Long Positions Accumulating

HBAR Challenges Key Resistance Again: Breakthrough or Pullback? The current HBAR price is $0.23246, with a 0.24% increase in the last 24 hours. $0.26 is seen as a key resistance zone, as a severe sell-off occurred earlier this year at this level, leading to a price halving. Although the previous test was unsuccessful, market sentiment is clearly different now.

On-chain data is bullish, strong bets from the bulls According to CoinGlass data, as of July 16, up to 66.02% of HBARUSDT contracts on CEX are long positions, with a Long/Short ratio of 1.94. This clearly bullish sentiment indicates that most derivatives traders are optimistic about HBAR, expecting it to successfully break through the upper resistance.

However, this intensive bullish positioning also carries certain risks - if it fails to break through $0.26, the bears may take the opportunity to launch a counterattack.

Exchange fund outflows indicate potential accumulation On-chain data shows that over the past 48 hours, more than 4.48 million USD worth of HBAR has flowed out of exchanges, indicating that investors are transferring tokens to private wallets, possibly for medium to long-term holding.

This outflow behavior, especially when the price faces key resistance, is often interpreted as "buying on dips," which may create buying pressure in the short term and help the price break upward.

Technical patterns suggest a potential upward movement towards $0.37 From a technical perspective, HBAR is currently consolidating below the $0.26 area. If it can effectively break through $0.265, the technical target may point to $0.37, with a potential increase of 39.6%.

However, if it cannot break through, it may fall back to the 0.22 USD level, with a pullback of about 13%. From a larger time frame perspective, HBAR is still maintaining above the 200-day exponential moving average (EMA) (currently at 0.1808 USD), and the overall trend remains upward.

However, it is worth noting that the RSI indicator is currently at 78, which has entered the overbought zone, and a pullback may be needed in the short term. This means that even if the long-term trend is bullish, short-term breakouts may be accompanied by high volatility.

Conclusion: Hedera (HBAR) is at a critical technical juncture, with bullish momentum building, on-chain data is positive, and it is expected to challenge a breakout in the short term. However, in the context of the RSI being overbought, short-term volatility risk is rising. Investors should rationally view the complex situation of pullbacks and upward movements by combining resistance performance with changes in market sentiment.