HBAR price prediction: How THESE price levels could dictate its next move

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HBAR price prediction: How THESE price levels could dictate its next move

Hedera [HBAR] was trending higher, but its momentum had stalled over the past three days. The demand for the token remained strong, but the liquidation levels could dictate how HBAR moves in the coming days.

Source: HBAR/USDT on TradingView

This was a sign of persistent buying pressure. Therefore, it appeared likely that HBAR would move toward $0.253, the 78.6% retracement level. If the bullish momentum of Bitcoin [BTC] and the altcoin market can continue, HBAR might register a bigger rally.

Short-term range ahead for HBAR？

Source: Coinglass

The 1-month liquidation heatmap highlighted the $0.2 and $0.23 levels as the closest magnetic zones for Hedera. These were the levels that would attract prices to them, since the price is attracted to liquidity.

The $0.2 level was just above the swing high from late March, while $0.23 was slightly beyond the 61.8% Fibonacci retracement level.

Source: Coinglass

Zooming in on the 1-week liquidation heatmap, the importance of the $0.2 level was reinforced. The buildup of liquidity in this region was evident, as was the proximity of the market price.

Therefore, a move to $0.195-$0.2 was highly likely for Hedera in the near term. After a sweep of this liquidity, a bullish reversal was anticipated. Traders could look to position themselves accordingly, while also managing their risk responsibly.

This bullish reaction was likely to reach $0.23, but whether it could push higher was unclear. This presented the possibility of a range formation in the coming days.