Hedera (HBAR) Approaches Critical Support Level — Will This Pattern Lead to a Rebound?

Market Overview: The cryptocurrency market is experiencing a significant selloff, with Bitcoin and Ethereum dropping over 4%, leading to more than $526 million in liquidations, particularly affecting long positions. Major altcoins, including Hedera (HBAR), have also seen declines, with HBAR falling over 6%.

Technical Analysis of HBAR: HBAR is currently within a descending triangle pattern on the weekly chart, characterized by lower highs and a flat support zone. This pattern, while typically bearish, could lead to a rebound if the support level between $0.12 and $0.14 holds.

Key Support and Resistance Levels: HBAR is trading just below the 100-week moving average at approximately $0.1526, which has historically indicated trend shifts. A successful defense of the $0.12–$0.14 support zone and a move above the 100-week MA could signal a potential rebound towards the resistance at $0.19.

Future Outlook: The price action of HBAR within the demand region is critical; a decisive close above the descending trendline could invalidate the bearish pattern and indicate a trend reversal. Conversely, a close below $0.12 could lead to further declines towards the next support level around $0.09.