Hedera (HBAR) Price Prediction: What to Expect in February 2023?

HBAR price is facing bearish market sentiment as it struggles below $0.25. HBAR price prediction for February 8: the price might continue to struggle below $0.25.

Hedera price encountered bearish market sentiment over the last 24 hours as it struggled below $0.25. HBAR price recorded a decline of nearly 2.8%, reaching a low of $0.226. Moreover, Hedera's trading volume dropped by 10.6% in the last 24 hours, reaching $334.5 million.

On a longer time frame, Hedera's price dropped below $0.39 on December 3 and has been decreasing since then. In early February, HBAR price crashed and recorded a low around $0.177. Its market capitalization has dropped by 2.8% to $8.68 billion in the last 24 hours.

HBAR Price Might Face Upward Correction

As Hedera price struggled around immediate resistance lines, sellers had complete control to send the price toward immediate support channels. Currently, there's a strong battle between the buyers and sellers. Sellers are attempting to send the price below $0.2 to increase their domination.

In the past 24 hours, there was a lot of trading with Hedera, especially from buyers trying to push the price up. According to Coinglass, about $618K worth of Hedera trades were settled recently, with $364K of that from buyers who had to close their positions betting on price increases.

Amid these price challenges, interest in trading Hedera has gone down. The open interest, which tracks the total unsettled trading contracts, has dropped to $170.12 million, showing decreased activity by 4% from yesterday's rate.

However, the market might turn bullish in the coming hours as fewer traders are betting on price declines compared to those betting on price surges. Currently, about 46% of traders believe Hedera's price will drop, while a majority of 54% think it will surge.

Hedera Price Prediction: Technical Analysis

Despite the overall buying trend in the crypto market, HBAR price failed to gain the required buying momentum. The recent market crash has put Hedera price under a strong bearish pressure. Currently, the HBAR price is at $0.2279, having dropped over 3.1% in the last 24 hours.

The HBAR/USDT trading pair remains under $0.25, showing strong selling pressure from bearish traders. This price point may continue to be a significant barrier, as short-term holders (STHs) might opt to sell off their positions at this level.

If the price stays below the EMA20 trend line on the 1-hour chart, sellers could attempt to push it down towards $0.21.

With the Relative Strength Index (RSI) remaining around the selling zone at level 37, there could be a retest of the support level. If the price moves above $0.25, it could shift the advantage to the buyers, potentially driving the price up to $0.28.

Hedera Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, Hbar price might continue to struggle below $0.25. If the price moves above that level, we might see a trade around $0.28. On the down side, $0.21 is the range.

Long-term: According to Coincodex’s current Hedera Hashgraph price prediction, the price of Hedera Hashgraph is expected to increase by 48.39% and reach $0.339602 by March 10, 2025. Coincodex’s technical indicators indicate that the current sentiment is bearish, while the Fear & Greed Index stands at 44, which falls under “Fear.” Over the past 30 days, Hedera Hashgraph has seen 14 green days out of 30, with a price volatility of 12.32%. Based on the forecast from Coincodex, it is currently not a good time to buy Hedera Hashgraph.