Hedera's HBAR token has demonstrated resilience amid market volatility, gaining 4% in the last 24 hours and maintaining impressive monthly gains exceeding 60%. The token rallied approximately 130% from its June low of $0.13 to a peak of $0.30 in late July. On-chain data reveals sustained exchange outflows totaling -$46.49 million and -$40.85 million over consecutive weeks, indicating reduced sell pressure and holder confidence.
Technical indicators present conflicting signals: Binance data shows a long-short account ratio of 1.83, with nearly two-thirds of traders positioned long. A hidden bullish divergence emerged on the 4-hour chart as RSI surged from 42 to 52 despite minor price fluctuations. However, price action suggests a potential double-top reversal pattern forming near the $0.30 resistance level, with two failed breakout attempts. Current trading near $0.25 tests the critical support zone.
The token is simultaneously forming an ascending triangle pattern, where a decisive breakout above $0.27 (confirmed at $0.29 Fibonacci level) could signal continuation of the uptrend. Conversely, a breakdown below $0.23 on strong volume might trigger a correction toward $0.20 or $0.18. The broader trend remains supported by the 20-day EMA crossing above the 50-day SMA.