This move represented a bullish structure shift after a persistent downtrend since mid-August.
Weak buying pressure in recent hours suggests traders should brace for a potential rejection at the $0.176 local resistance level.
Hedera [HBAR] was up 1.29% in 24 hours but down 14.7% from last week. Its daily trading volume has fallen by nearly 50%, CoinMarketCap data showed.
The dramatic fall in volume was an early sign that the attempted price bounce might fall flat.
Bitcoin [BTC] continued to trade above the $100k mark, which meant that altcoins have some hope for recovery. However, most of these coins are in a downtrend, and key resistance levels must be broken to switch the bias bullishly.
Over the past month’s trading, HBAR was down 24.56%, with a large portion of the losses coming during the 10/10 crash. However, the price action since the 13th of October saw a local swing high at $0.195 breached.
This was a positive development on the 1-day chart. It represented a bullish shift in structure and was a sign that buyers had some strength in the market.
Whether they can reclaim the levels HBAR traded at before the October market correction remains to be seen.
At the time of writing, the RSI stood at 42.6 on the daily timeframe, indicating that momentum was slightly bearish. However, over the past three weeks, the OBV has made higher lows and higher highs.
Although the RSI indicated bearish momentum, it was outweighed by a bullish shift in market structure and an upward trend in the OBV.
Together, these signs suggested that the altcoin was attempting a recovery, even as another correction began on the 1st of November.
Zooming in on the latest correction, key local levels became more clearly defined and easier to track.
The 1-hour chart highlighted strong supply pressure between $0.19 and $0.20. It also indicated a bullish shift in market structure over the past 24 hours, though price was still testing a critical swing level at $0.176.
The RSI showed bullish momentum in the short-term, but the hourly OBV showed that buying pressure was weak. This could see another Hedera price drop.
