HBAR Price Depends On Bitcoin For A Rescue As Holders Fall Back

Hedera (HBAR) is experiencing downward pressure following the confirmation of a three-month-long wedge pattern, reflecting fading investor confidence. The weighted sentiment indicator for HBAR has hit an all-time low, signaling pessimism among traders and potentially limiting capital inflows.

From a macro standpoint, HBAR maintains a strong correlation of 0.92 with Bitcoin (BTC), meaning its performance is largely tied to BTC's direction. If Bitcoin rebounds above $108,000, HBAR could follow suit, but renewed selling pressure on BTC would expose HBAR to further declines.

Currently trading at $0.167, HBAR is below the $0.172 resistance level within a descending broadening wedge. A sustained BTC rally could push HBAR past $0.172 and $0.180, targeting $0.188. However, if bearish sentiment continues, HBAR risks falling below the $0.163 support level toward $0.154, invalidating the bullish outlook.

(Source：BeInCrypto)