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Hedera (HBAR) price has increased more than 506% in the past 30 days, reaching a market capitalization of nearly $12 billion. However, despite this spectacular rally, the trend appears to be losing momentum. Currently, HBAR’s ADX stands at 24.2, indicating a weakening trend, as the price declines after peaking at $0.39 on December 3.
Although the coin remains above the Ichimoku cloud, suggesting bullish sentiment, the market may be entering an accumulation phase as trend strength declines.
HBAR’s Uptrend Is Losing Momentum
Hedera has experienced an impressive rally of 506.83% over the past 30 days, but the uptrend appears to be losing momentum. Currently, its ADX stands at 24.2, indicating a weakening trend.
The coin’s price peaked at $0.39 on December 3, but since then, both the price and ADX have been falling.
ADX, or Average Directional Index, is a technical tool used to measure the strength of a trend, regardless of its direction. The index ranges from 0 to 100, with values above 25 suggesting a strong trend and values below 20 suggesting a weak trend. HBAR’s ADX was near 70 on December 3 as the price surged, signaling a strong uptrend.
However, as ADX fell from above 30 to 24.2, it suggested the strength of the uptrend was weakening, and the market may be losing confidence in the price movement. This could signal a slowdown or accumulation phase.
Ichimoku Clouds Show HBAR Remains Optimistic
Hedera price has been on a strong uptrend recently, reaching its highest level since November 2021. This is clearly indicated by its movement above the Ichimoku cloud. The coin rallied and peaked near $0.39, with the price remaining above the clouds, signaling bullish momentum.
However, as the price begins to consolidate and move closer to the upper boundary of the cloud, there are signs of weakening momentum. The slight retracement seen on the chart suggests that HBAR price may be facing resistance at this level.
The green zone of the Ichimoku Cloud represents support, while the red zone above indicates possible resistance. As the price remains above the clouds, the overall trend remains optimistic.
However, if HBAR price breaks below the clouds, it will indicate a possible move to a neutral or negative trend. In that case, the next key support could lie at the lower edge of the cloud.
HBAR Price Prediction: Could Hedera Test $0.40 in December?
Hedera hit a three-year high on December 3 but has since entered an accumulation phase. If the uptrend reverses and the price enters a downtrend, the first level of support at $0.27 could be tested.
If this support fails, HBAR price could fall further, with support likely at $0.17 or even as low as $0.12.
Conversely, if HBAR’s bullish trend regains momentum, it could rebound, testing the resistance at $0.40. A successful break above this level could lead to further gains, with the next target at $0.45.
This could represent a potential 45% rally from current levels, signaling a strong continuation of the bullish trend.
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