HBAR Looks to Bitcoin for Price Recovery Amid Uncertain Market Conditions

HBAR is moving sideways in recent sessions, fluctuating between important levels as investors consider conflicting signals. At the time of writing, this altcoin is trading at $0.255 and has not been able to make a clear breakthrough.

The broader market conditions, especially Bitcoin's trend, will likely determine whether HBAR can begin to recover.

HBAR depends on Bitcoin

HBAR's current correlation with Bitcoin is 0.72, a strong but not perfect connection. This means the altcoin is very sensitive to Bitcoin's movements, making BTC's performance the top indicator for HBAR's short-term direction.

With Bitcoin showing signs of price increase, HBAR could benefit by following signals from the larger asset. Investors typically view correlated altcoins as a secondary option when Bitcoin rises. If BTC maintains a positive momentum, HBAR has the potential to recover.

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From a technical perspective, HBAR's Moving Average Convergence Divergence (MACD) indicator is approaching a bullish crossover. However, momentum remains limited, preventing confirmation. A stronger buying pressure is needed to transform this signal into a clear price increase.

The histogram still reflects intermittent selling pressure, highlighting market hesitation. For HBAR to establish a sustainable upward trend, the histogram must consistently move into the price increase zone.

HBAR Price Needs Breakthrough

HBAR is currently accumulating, trading at $0.255 while fluctuating between $0.271 and $0.244. This narrow range reflects investor caution, with traders waiting for signals from external markets. Without a clear breakthrough, this altcoin may continue to move sideways in the short term.

If Bitcoin strengthens and continues its upward trend, HBAR could break the resistance level at $0.271. This move could open opportunities to rise to $0.291, with potential for further increases if positive conditions continue.

Conversely, if Bitcoin declines, HBAR could drop, pushing it below the support level of $0.244. In this scenario, the altcoin risks falling to $0.230, weakening the price increase argument and reinforcing investor caution.