The seven consecutive red candles from the last swing high resistance of $0.0842 register a 22.5% loss. However, the Hedera (HBAR) losing streak halted at the local support of the $0.064 mark. The coin price bounced back from this support, with low volume activity indicating a relief rally before the continuation of the price correction.
- The ongoing correction has tested the 0.786 Fibonacci retracement level near the $0.064 mark.
- The $0.064 support will offset the July month recovery
- The intraday trading volume in the Hedera coin is $24.5 Million, indicating a 37% gain.
From early July to August, the HBAR/USDT pair witnessed a steady recovery, shaping into a rising channel pattern. The bull run pushed the coin price to a record high of $0.838, accounting for a 46.1% loss.
However, the very nature of the rising channel is to accelerate the bearish momentum once the price breaches its support trendline. Thus, as bullish momentum dried up at the combined resistance of the ascending trendline and $0.838, the HBAR price triggered another pullback.
