HBAR: The possibility of increasing 40% in 2024 faces many challenges

Hedera (HBAR) has been struggling to gain momentum in recent weeks, reflecting a lack of direction amid a volatile crypto market landscape. This hesitation makes investors cautious, making it difficult to determine the potential of this altcoin.

HBAR price held steady within a range, further increasing the ambiguity surrounding its near-term outlook.

HBAR investors are uncertain

Hedera’s market sentiment, as determined by Chaikin Money Flow (CMF), remains gloomy. Over the past two weeks, CMF has consistently been below zero, indicating outflows outpace inflows. This trend shows continued hesitation on the part of investors, as they are not ready to inject large capital flows into this asset amid unsatisfactory performance.

The negative CMF index points to broader concerns about altcoins’ ability to generate bullish momentum. This hesitation keeps HBAR in a converging phase, preventing any decisive move that could restore investor confidence in the near future.

The broader momentum of HBAR reflects a strong bearish trend. The Relative Strength Index (RSI), an important technical indicator, has been falling steadily over the past month. This decline shows that selling pressure is increasing, weakening the altcoin’s position.

RSI movement below the 50.0 neutral threshold is particularly worrying, as it confirms the dominance of bearish sentiment. Unless this trend reverses, Hedera could face additional challenges, which could add to the uncertainty clouding its price action.

HBAR Price Prediction: Passing the Accumulation Phase

Hedera’s price has been consolidating in a range between $0.33 and $0.25 over the past month, with few signs of a break. This prolonged stagnation has contributed to growing investor uncertainty. The lack of volatility makes predicting an altcoin’s next move difficult.

If current indicators continue, HBAR is at risk of losing support at $0.25. A break of this key level could push the price down to $0.18. This would further reinforce the bearish trend seen in recent weeks.

However, a change in market sentiment could bring about a more optimistic outlook. If the overall crypto market trend turns positive, HBAR could break above the $0.33 resistance level. In that case, the altcoin could reach $0.39, marking a 40% increase. This would take HBAR to the 2024 high and erase the negative outlook.

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