Hedera (HBAR) Price Prediction for January 23

Over the last 24 hours, the price of Hedera has dropped steeply as it faced selling pressure around $0.35. However, HBAR price later recorded a rebound from the low of $0.31. HBAR price recorded a surge of nearly 3%, touching the high near $0.333. However, Hedera’s trading volume has dropped by 14.4% in the last 24 hours, reaching $491 million.

Looking at a longer timeline, Hedera’s price dropped below $0.39 on December 3 and has been decreasing since then. However, after maintaining a stable range between $0.23 and $0.25 for some time, Hedera has begun to recover, preventing further price drops. Its market capitalization has surged by 3.48% to $12.74 billion in the last 24 hours.

HBAR Struggles in Gaining Buying Confidence

As Trump assumes office, there is a noticeable rise in buying demand for Hedera (HBAR). Despite efforts to stabilize the price around $0.35, buyers face challenges maintaining it, though they persist. The past 24 hours have seen significant trading activity, including a notable push from buyers. Coinglass reports that approximately $883K worth of Hedera trades were liquidated, with $678K from buyers liquidating their long positions, betting on price increases.

Following these recent price struggles, trading interest in Hedera has dropped. The open interest, indicating the total number of unsettled derivative contracts, has decreased to $429 million, showing a decline in market engagement. Nonetheless, the market could continue its upward trajectory as the funding rate remains positive. Current data reveals the funding rate is at 0.0110%, suggesting a tilt in favor of buyers.

However, with the long/short ratio at 0.8522, indicating a rise in short positions where traders bet on price decreases, market sentiment is mixed. Presently, 46% of traders believe Hedera’s price will increase, while 54% are betting it will decline.

Hedera Price Prediction: Technical Analysis

As Donald Trump returns to the White House, the crypto market is seeing a rise. However, the price of Hedera Hashgraph (HBAR) is still encountering resistance around $0.35. Currently, the HBAR price is at $0.33, having surged over 3% in the last 24 hours.

The HBAR/USDT trading pair remains under $0.35, 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.

However, buyers successfully rebounded the price from the low of $0.31. We expect the HBAR price to retest its resistance at $0.35. If the price stays below the EMA20 trend line on the 1-hour chart, sellers could attempt to push it down towards $0.32 along the downtrend line.

With the Relative Strength Index (RSI) remaining below the midline at 46, there could be a drop toward $0.3. Should the price stabilize above $0.35, it could shift the advantage to the buyers, potentially driving the price up to $0.37.

Hedera Price Prediction: What to Expect Next?

According to BlockchainReporter, Hbar price might continue to struggle below $0.35. If the price moves above that level, we might see a trade around $0.37. On the down side, $0.32 is the range.