HBAR trades at $0.074 as resistance zone nears, mixed signals in spot and futures markets

Hedera’s native token HBAR returned to the spotlight on Tuesday, July 2, after a recent rebound brought it closer to a crucial resistance zone. As market watchers speculated on whether buyers could maintain momentum, spot and derivatives data painted a mixed picture for the digital asset’s short-term prospects.

Price stalls in critical range

At the time of reporting, HBAR was trading at $0.07404. The asset posted a 3.38% gain over the past 24 hours and registered a weekly increase of 2.79%. However, 24-hour trading volume dropped by 10.28% to $60.22 million compared to the previous period, highlighting waning activity.

Analyst More Crypto Online noted that HBAR is currently testing the resistance zone within wave 2 of wave 3, according to the yellow scenario. The analyst emphasized that the $0.074 to $0.08 range stands out as the most critical short-term area to watch.

A decisive move above this range would indicate a potential shift in HBAR’s short-term trend. If that occurs, the price may enter a broader trading band and prompt the emergence of new technical targets in alternative scenarios.

Support and resistance levels gain importance

In the short term, initial support is located at $0.0642, while immediate resistance stands at $0.0793. Should HBAR break above this threshold, the next resistance to monitor is $0.0882. If upward momentum builds, $0.1009 could also come into play as an additional target.

On the other hand, if the upward recovery loses steam, support levels will become increasingly significant. A drop below $0.0642 could see the market focusing on the next support near $0.0548 as a new potential base.

Technical indicators and futures show mixed signals

According to TradingView data, HBAR continues to face pressure from its short-term moving averages. The 20-day exponential moving average stands at $0.07574, while the 50-day EMA is at $0.08097, both acting as overhead resistance. On longer timeframes, the 100-day average is at $0.08704 and the 200-day average at $0.10253, maintaining the downward pressure.

Bollinger Bands data show the mid-level at $0.07643, with the upper band at $0.08482 and the lower band at $0.06805. HBAR’s price hovers below the middle band but remains above the lower band, signaling continued indecision in the short-term direction.

Futures market data likewise show a mixed structure. Trading volume in the derivatives market fell 6% to $96.39 million, but open interest climbed 2.99% to $95.03 million, with the open interest-weighted funding rate at 0.0099%.

In the past 24 hours, a total of $35,980 in positions were liquidated, with $5,240 from long positions and $30,740 from shorts. This distribution indicates ongoing uncertainty among traders regarding the short-term direction as both bullish and bearish bets persist.

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