HBAR Price Depends On Bitcoin For A Rescue As Holders Fall Back

Core Insights - Hedera (HBAR) is experiencing downward pressure, confirmed by a three-month-long wedge pattern, with its performance heavily reliant on Bitcoin's recovery [1][5] - Investor sentiment towards HBAR has reached an all-time low, indicating increasing skepticism about its short-term potential [2][3] - The correlation between HBAR and Bitcoin is strong at 0.92, suggesting that HBAR's performance is closely tied to Bitcoin's direction [4][6] Market Sentiment - The decline in HBAR's weighted sentiment could limit capital inflows into the network, risking stagnation in market activity [3] - The cautious mood in the market is exacerbated by broader volatility, making traders hesitant to re-enter positions [2] Price Analysis - HBAR is currently trading at $0.167, just below the key resistance level of $0.172, within a descending broadening wedge pattern [6] - If Bitcoin maintains its strength, HBAR could potentially breach resistance levels of $0.172 and $0.180, targeting $0.188 in the short term [7] - Conversely, if bearish sentiment continues, HBAR could fall below $0.163, reaching $0.154, which would invalidate the bullish outlook [8]