key support level Hedera [HBAR] can retest before a bullish recovery
HBAR can dip to $0.22 or slightly lower soon. Traders might want to stay sidelined for now.
HBAR bulls need to be cautious of a price dip to a nearby liquidity pocket. A dip to this demand zone would be followed by a bullish reversal, provided Bitcoin can remain above $112k as well.
Hedera [HBAR] was back below the Value Area High at $0.264. This VAH was plotted using the Fixed Range Volume Profile, using price action from the beginning of the year to press time.
In an earlier analysis, AMBCrypto had noted that the $0.285-$0.3 was a key supply zone for HBAR.
This has proven true once again. The altcoin was unable to muster the strength to rally beyond $0.3, briefly making a high at $0.305 on the 27th of July before falling lower.
However, the longer-term market structure was bullish after the strong gains the token noted in July.
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