HBAR Targets Key $0.118 Resistance Following Massive $53 Million Accumulation

During the Christmas season, there has been a substantial inflow in Canary’s HBAR ETF; in fact, a sum of almost $1 million was seen on December 24th. The effect caused an accumulation of 473 million Hedera tokens; this amounts to $53 million based on current prices in the marketplace.

Source: X

The growing interest in ETFs points to the scalability and sustainability of the Hedera blockchain. With the institutional adoption and Hedera partnerships on the rise, the Hedera ecosystem continues thriving. The rapid rise of the HBAR ETF points towards the optimistic trend of the token in the coming year, as the stakeholders are preparing for the possible upside within the next year.

Also Read: HBAR Price Targets $0.22 Following Virginia’s Hedera Credit Trading Platform

HBAR Could Break $0.118 to Lead the Rally to $0.14

However, the crypto analyst, Crypto Pulse, highlighted that the Hedera Hashgraph (HBAR) is very close to a resistance point priced at $0.118. Once this resistance is overcome, a breakout will begin, and the prices will move to $0.124 and further to $0.13 or even to $0.14. The moment is approaching when prices will start rising further.

Source: X

Traders are also closely monitoring the level of $0.118, which may set the tone for the subsequent price movements. Failure to pass through the resistance level may cause the price to reject, sinking to its lower support levels. However, breaking through the resistance will boost bullish momentum, resulting in a possible rally.

Technical Outlook Suggests Bearish Dominance

Technically, the price is still in a downtrend below the 20-week SMA at approximately 0.176. The HBAR is moving towards the lower Bollinger Band at 0.087. Volatility is expanding, and there is resistance at 0.17 to 0.18 and around 0.26. The latest weekly charts indicate weak buying pressure and failed bounce attempts.

Source: TradingView

Momentum indicators also reflect weakness. RSI is near 34, bordering the oversold region with weak, tentative purchasing activity. MACD continues in the red with a weakening histogram, supporting the bearish view. While a minor relief rally may occur, a likely reversal of trends would require a return above the weekly SMA with RSI above 40.

Also Read: Hedera (HBAR) Targets $0.19 After CME Feed Launch and GBBC Collaboration