HBAR Price Enters Consolidation As Hedera Pulls Away From Bitcoin
HBAR is consolidating while showing signs of easing selling pressure and declining correlation with Bitcoin, suggesting potential independent movement.Summary
Hedera's HBAR is currently in a sideways consolidation phase, trading between $0.150 and $0.130. Despite the stagnation, indicators suggest a potential shift away from bearish pressure. The Chaikin Money Flow (CMF) indicator is sharply rising, signaling a slowdown in outflows, which could lead to net inflows if it crosses the zero line, fueling upward movement.
Crucially, HBAR's correlation with Bitcoin has dropped to 0.62 after weeks of tight linkage, indicating that Hedera is becoming less dependent on BTC's directionless trend. This decoupling, combined with improving investor sentiment, suggests HBAR might outperform the broader market.
If HBAR capitalizes on this support, it could bounce from the $0.141 local support to retest $0.150, potentially breaking out toward $0.162. However, a drop below the key $0.130 support level would invalidate this bullish-neutral outlook, risking a decline toward $0.125.
(Source：BeInCrypto)