Hedera (HBAR) Price Prediction: Can It Retrace to $0.27?

Hedera (HBAR) price has surged to its highest levels since 2021, showcasing remarkable momentum in the cryptocurrency market.

Hedera (HBAR) price analysis reveals a bullish trend with remarkable gains.

The coin has surged 721% over the past 30 days, outpacing gains by major cryptos like BTC, ETH, BNB, XRP, ADA, and DOGE.

With a market cap now at $13.44 billion, HBAR has also surged past projects like SUI, Uniswap, and Litecoin.

However, technical indicators suggest potential consolidation ahead.

Hedera price analysis: bullish trend, but is HBAR overbought?

Hedera (HBAR) price analysis on the daily chart reveals a strong bullish trend.

The coin has been rallying sharply since early February, surging from lows around $0.04 to highs of $0.36 on March 13.

At the time of writing, HBAR is trading at $0.34, up 6.48% over the past 24 hours and showing no signs of slowing down.

Over the past 30 days, HBAR has surged a massive 721%, outpacing gains by major cryptos like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), and Dogecoin (DOGE).

The coin has also surged past projects like SUI, Uniswap, and Litecoin in terms of market cap.

However, technical indicators suggest that HBAR price may be due for some consolidation or a potential correction.

The coin is currently trading at extremely high levels, having rallied sharply over a short period of time.

Multiple technical indicators, including the RSI and Stochastic, are also showing overbought conditions for HBAR price.

This suggests that selling pressure could potentially increase in the coming days or weeks.

Hedera price analysis: HBAR price could correct to $0.27

In the event of a correction, key support levels for HBAR price can be found at $0.27, followed by $0.19 and $0.12.

These levels could act as bouncing points for the coin during any corrective moves.

If selling pressure intensifies, HBAR price could correct even further, down to the $0.07 Fib support level.

On the other hand, if buying pressure remains strong, HBAR price could continue rallying toward psychological resistance levels at $0.45 and $0.50.