Hedera [HBAR] Price Prediction 2023-2024: Will HBAR Break the Bearish Trend?

Hedera [HBAR] has not been one of the top performers across the cryptocurrency market over the past year. In fact, the altcoin has lost 39% of its value year-to-date.

Hedera [HBAR] has not been among the top performers in the cryptocurrency market over the past year. In fact, the altcoin lost 39% of its value year-to-date.

However, despite the bearish price outlook, the Hedera network has seen some significant growth. According to a recent report by Messari, the network saw a surge in key metrics during the second quarter of 2024.

Hedera's network growth

The report highlighted that revenue from transaction fees on Hedera in Q2 2024 reached $1.4 million. This was the second-highest quarterly level and a 26% quarter-over-quarter jump.

The average number of new addresses during the quarter also surged by 31% to 11,000, while average daily transactions posted the largest gain of 46% to 132.9 million.

Furthermore, the report noted that HBAR's market cap ranking improved despite the weakness in its price this year. This was mainly due to an increase in circulating supply.

While this outlook painted a bullish picture, other on-chain metrics offered a contrasting view. Hedera's Total Value Locked (TVL) dropped from a yearly high of $156 million to the current $46 million, as seen on DeFiLlama.

This indicated a significant decline in activity by decentralized finance applications.

With mixed signals coming from on-chain data, is HBAR up for a breakout or will the bearish trend continue?

Will HBAR break the bearish trend?

Hedera was trading at $0.051 at the time of writing after a 3.8% drop. A glance at the daily chart showed that the token has been consolidating within the $0.0514-$0.062 range since early August.

$0.514 acted as a key support level for HBAR, having held strong in recent weeks. If the price fails to hold this level, it will drop to collect liquidity at $0.0453, or even push lower.

Each time HBAR tested $0.514, the price bounced, indicating a high concentration of buy orders at this price.

The Relative Strength Index (RSI) at 40 signaled bearish momentum. However, after the price tested the support again, the RSI bounced, suggesting this support might continue to hold.

Over the past month, bears controlled the price action, with the Awesome Oscillator showing a steady downtrend since early August. The AO also failed to turn positive for weeks, further indicating bearish momentum.

Data from Coinglass showed that HBAR's Funding Rates have been mostly negative for the past two months, indicating a sustained bearish sentiment with traders taking short positions.

Hence, for HBAR to break the bearish trend, it needs an uptick in buyer interest and support from the broader market.

Read Hedera's [HBAR] Price Prediction 2024–2025

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