HBAR is currently trading close to an important support level. There’s speculation on whether Hedera can reach $0.41 by the end of the year.

Hedera (HBAR) is said to have transitioned from a bearish trend that started in mid-2020 and is now heading toward a new all-time high. The cryptocurrency has dropped from the overbought area on the Relative Strength Index (RSI) chart into the neutral zone. Over the last month, HBAR has been trading within a narrow range, fluctuating between $22024 and $22025. Our market analysis indicates that the asset has experienced a 20.10% drop over the past 0.0.184 hours, but it has increased by 20.27% in the last week. Additionally, HBAR appears to be at risk of dropping below the support level of $20.34, a decline from the daily peak of $20.41. In line with this trend, traders are adopting a careful stance on the asset, as evidenced by a 39% drop in trading volume, with $163 million traded. Analyzing some technical indicators, such as the Relative Strength Index (RSI), indicates that HBAR has decreased from the overbought region to a neutral level of 49. Our analysts suggest that this indicates a declining momentum caused by diminished confidence in the broader cryptocurrency market. On the BBTrend, HBAR is currently positioned around the 0.97 level. Essentially, this indicates a rebound from the negative zone of -8.99 that was documented on May 19. Recent readings indicate that sentiment is becoming more positive, potentially benefiting HBAR. At present, the asset appears to be trading within a confined range unless a more significant momentum develops in the market. The $0.343 mark is now identified as the next key psychological level. If it breaks past this point, the asset may aim for the $0.24 level as suggested in our earlier analysis.