CandleFocus

This Is Why Hedera (HBAR) May Have Hit Overextended Territory After 180% Surge

Author: Content Editor
The native cryptocurrency of the Hedera Hashgraph network, HBAR, has seen a significant rise of over 180% in the past week, currently trading at $0.13, which is its highest price since April 2024. However, this rapid increase has pushed the token into overbought territory, indicating a potential price correction. Readings from HBAR's Relative Strength Index (RSI) show that the market is overheated, with the indicator at its all-time high of 92.35. An RSI above 70 suggests that the asset is overbought and due for a decline. In addition, HBAR's price has breached the upper band of its Bollinger Bands indicator, further confirming its overbought status. If buying pressure fades, HBAR's price may test the support at $0.12 and potentially drop to $0.11. However, if the uptrend continues, HBAR may reach its cycle peak of $0.15 and potentially even trade at its year-to-date high of $0.18.

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