Hedera Hashgraph (HBAR) faced significant selling pressure on February 6, declining to a key technical support level first tested in October. The altcoin was trading at $0.08172, down nearly 6% on the day and over 16% for the week, with a market capitalization of $3.58 billion, according to data from CoinMarketCap.
Hedera Hashgraph declined as bearish momentum persisted across the altcoin market. The asset’s price of $0.08172 was accompanied by a 24-hour trading volume of approximately $642 million.
Crypto analyst More Crypto Online stated that HBAR was retesting its low from October 10th around $0.072. “Although there has been some reaction to this level, there has not been enough confirmation to say that this level has been established as a solid bottom for HBAR,” the analyst observed.
Immediate resistance lies near a descending trendline, with a more significant supply zone between $0.126 and $0.177. A failure to hold the current support could see a potential zone of interest around $0.046.
Technically, the weekly Relative Strength Index (RSI) registered at 29.7, nearing oversold territory. The price remains below its major group of weekly moving averages, indicating sustained pressure.
The Moving Average Convergence Divergence (MACD) continues in a negative state, with its histogram signaling bearish momentum. For sentiment to improve, investors are watching for a MACD crossover paired with increased buying volume and on-chain activity.
The upcoming price action at these support levels is seen as crucial for HBAR’s near-term positioning. The session will determine whether the asset stabilizes or continues its decline.
