Hedera’s HBAR Token Faces Major Support Level Threat Amid Market Pullback

LONDON, UK — Hedera’s native token HBAR has seen a nearly 20% drop over the past week, coinciding with Bitcoin’s price pullback that has impacted the broader altcoin market. The token is currently trading near a critical support level of $0.22, raising concerns about a possible deeper correction.

Recent readings from the HBAR/USD daily chart indicate the altcoin is perilously close to breaching this support floor. According to analysts, if the price drops below $0.22 after an extended uptrend, it might signal a shift from bullish to bearish market sentiment.

However, not all indicators are negative. An analysis by Coinglass shows a notable liquidity cluster around $0.29. This zone could act as a price magnet for HBAR, attracting upward movement as traders target it for stop-loss triggering.

Furthermore, HBAR’s funding rate remains positive at 0.0092%, suggesting that many traders are still leaning towards long positions despite the recent price decline. This positive funding rate indicates that sentiment among market participants remains bullish.

If HBAR can hold above the $0.22 support level, it may set the stage for a rebound towards $0.26. Conversely, a break below this zone could expose the token to further downward trends, potentially dropping as low as $0.18.