Hedera Price Prediction: HBAR could drop 10% before another attempt north

Hedera (HBAR) price has completed its recovery rally, reclaiming levels last tested in February. Despite the possibility of a continuation of the uptrend, the bulls are likely to take a breather first before making another bold attempt north.

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Hedera price could be due for a correction

Hedera (HBAR) price is confronting the $0.0931 multi-month resistance, with the next roadblock presenting around the $0.1200 psychological level. While a move to this supplier congestion level would be desirable, HBAR is already overbought, with the Relative Strength Index (RSI) pointing to a subdued momentum, hinting at a possible correction.

A rejection from the $0.0931 level could see Hedera price test the $0.0852 support, but if this holds, the next possible inflection points for HBAR would be the $0.0782 or $0.0709 support levels.

In the dire case where these buyer congestion levels fail to hold as support, Hedera price could slip past the $0.0600 psychological level to find the next support at $0.0529. Such a move would constitute a 42% drop below current levels.  

HBAR/USDT 1-day chart

Conversely, enhanced buying pressure could see Hedera price push past the $0.0931 roadblock to clear the range high at $0.0987 before a bold attempt to record a new local top.