HBAR at a Crossroads: Will $0.176 Hold or Trigger a 33% Drop?

• HBAR is testing the critical $0.176 support level, which could determine its next move.
• A successful hold above $0.18 may push the price toward $0.23, with potential for further gains.
• If support fails, the price could drop to $0.12, marking a significant decline.
• Grayscale’s Hedera Spot ETF filing has boosted investor optimism and institutional interest.

Hedera Hashgraph ($HBAR) is currently at a crucial technical juncture, with its price movement hinging on a key support level. In technical analysis, the concept of a support zone plays a vital role in determining potential price direction, and for HBAR, this could be the deciding factor between a strong rebound and a deeper correction. As the market watches closely, will HBAR hold its ground or slip into further downside?

At the time of writing, the token is trading at $0.185, with a 24-hour trading volume of $267.17 million. The token’s market capitalization stands at $6.62 billion. Over the past 24 hours, HBAR has experienced a slight decline of 0.56%, reflecting a period of consolidation as traders await the next significant move.

Source: CoinMarketcap

HBAR Crucial Support and Breakout Potential

From a technical standpoint, HBAR is approaching a critical support level at $0.176. This price zone is essential for maintaining bullish momentum, as a successful hold could set the stage for a potential breakout. Currently, the token is attempting to stay above $0.18, a level that will determine the token’s next move.

If the support holds, the token could see a surge towards $0.23, marking a 27% increase. A stronger bullish move could propel the price to $0.38, a staggering 111% gain from current levels. However, if the $0.176 support fails, the next significant downside target is $0.12, representing a 33% decline.

Institutional Interest on the Rise

Adding to the bullish narrative, Grayscale’s Hedera Spot ETF filing has sparked fresh optimism among investors. This move signals growing institutional interest and potential mainstream adoption, which could serve as a catalyst for long-term price appreciation.

With institutional players eyeing HBAR and technical levels defining its trajectory, the market now waits for a decisive move. Will the token hold its ground and aim for higher levels, or will the support break, leading to further downside? The coming days will be crucial in shaping HBAR’s next chapter.

Read More: Tether Moves Closer to US Compliance Amid Audit Speculation