Key Insights:
- HBAR surged over 130% from $0.13 to $0.30 following a bullish double bottom breakout and EMA crossover.
- The recent rejection near $0.30 indicates strong resistance as the price retreats to the breakout zone around $0.25.
- A break below the $0.23 support on volume may confirm a double top and trigger further downside toward $0.20 or $0.18.
HBAR price climbed significantly from its June 22 low of $0.13, rising nearly 130% to a high just above $0.30 by July 27. This rally followed a confirmed double bottom formation, a pattern typically signaling a trend reversal. The breakout above the neckline at $0.23, backed by increased volume, contributed to the upward momentum. The move was further supported by the 20-day EMA crossing above the 50-day SMA, highlighting strong bullish momentum.
HBAR has been experiencing fierce opposition at the $0.30 mark after the rally. The price did not succeed in forming a higher low; instead, it retraced to the breakout area at the price of about 0.25. It was a resistance area before and is playing as a key support area. The price did fall below the 20-day EMA, but only briefly, and then it closed with a good bullish green candle, meaning that there is still buyer interest.
The Double Top Pattern and Bears become Powerful
The recent price movement indicates that there may be a formation of a double top around the price level of $0.30. The pattern is likely to suggest the transition to a selling pressure. HBAR has already suffered two unsuccessful attempts to rise beyond the boundary of $0.30. Failure to surpass this resistance indicates a lack of bullish momentum, and seller pressure builds up.
Source: TradingView
The $0.23 key support level holds. Whether on a big volume, a decisive break below this level could confirm the double top form that is probably being given. In case that happens, a more severe downtrend may appear and drag HBAR back to previous support levels around the $0.20 mark, or even lower, at the $0.18 mark. At this point, the upward trend continues to well and beyond, although the speculators are really paying close attention to this point.
The uptrend in recent times has been secured with great technicals, but currently, the market is waiting to see whether the momentum will increase or the trend will change. As the volume dynamics and key support levels come to attention, the subsequent handful of sessions could prove that HBAR preserves the bullish structure or segue into a corrective stage.
