The price of Hedera (HBAR) has made a notable recovery following its recent listing on Robinhood, overcoming the setbacks from a significant price correction. Key support levels remain intact as technical indicators show a favorable outlook for the cryptocurrency.
HBAR Bounces Back After Sharp Correction
Earlier this month, HBAR reached a local high nearing $0.29 but subsequently fell sharply by nearly 20%, dropping to around $0.233. This correction raised concerns among traders, especially after a series of consecutive red candles were observed on the daily chart.
Despite the downturn, HBAR managed to stay above critical support levels, specifically around $0.233. This support has been tested multiple times, suggesting that bullish traders are still defending this key area.
Importantly, HBAR has remained above its 50-day and 200-day simple moving averages (SMA), indicating that the underlying structure remains strong despite short-term volatility.
The bounce observed today is seen as a welcome relief and is largely attributed to the Robinhood listing, which has opened HBAR to a broader retail audience.
Market Indicators Suggest Stability, Not Reversal
Technical indicators reveal a market cooling off without collapsing. The Relative Strength Index (RSI), which recently entered the overbought territory, has now returned to neutral levels.
While this confirms a slowdown in bullish momentum, it also implies that the market is not yet oversold, leaving room for potential upward continuation.
The Moving Average Convergence Divergence (MACD) indicator has also begun to show early signs of a bearish crossover. However, analysts note that the divergence remains weak, indicating that the recent correction may serve as more of a pause than a trend reversal.
These signs bolster the argument that HBAR’s medium-term bullish structure remains valid, especially as it trades above all major trend lines.
Hedera Testnet Upgrade Boosts Confidence
The price recovery of HBAR has coincided with significant foundational developments within the Hedera ecosystem. On July 24, the Hedera network underwent a scheduled upgrade of the testnet to version 0.64, completed in 40 minutes, bringing enhancements to network performance and stability.
While the upgrade was performed on the testnet rather than the mainnet, it demonstrates ongoing progress in Hedera’s technical roadmap, thereby boosting investor confidence.
This upgrade also highlights Hedera’s appeal to developers and enterprises. Through its unique hashgraph consensus mechanism, the network differentiates itself from traditional blockchains by offering faster transaction speeds, superior scalability, and increased efficiency.
These capabilities make it particularly attractive for real-world applications, especially within corporate and institutional contexts.
Hedera Price Outlook: Can Bulls Maintain Momentum?
As of press time, HBAR is trading near $0.248, reflecting a 2.9% gain over the past 24 hours. Although short-term volatility persists, recent price movements suggest that a potential recovery is underway. If the current bullish momentum continues, HBAR could revisit the resistance level at $0.26.
A decisive break above this threshold could pave the way for a new test of the $0.30 region. However, traders should remain cautious, closely monitoring the support level at $0.213.
A dip below this critical area would indicate a shift in short-term sentiment and potentially open the door to a deeper correction. Conversely, if bulls manage to maintain control above $0.22, the market may see new attempts to rally upward in the coming weeks.
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