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- HBAR price slipped 4.75% to $0.229 amid weak market sentiment.
- Traders placed $3M in short positions, outweighing bullish bets.
- Exchange outflows of $3.18M may help slow further downside.
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Hedera [HBAR] has been trading sideways for the past week, but recent market signals point toward possible downside. At press time, HBAR slipped by 4.75% to reach $0.2290, dragged down by broader crypto market weakness as both Bitcoin [BTC] and Ethereum [ETH] also recorded losses in the last 24 hours.
Rising Bearish Bets and Short Positions
Market data suggests that traders are increasingly betting against HBAR. According to CoinGlass, liquidation clusters were concentrated near $0.2249 and $0.2324, with short positions worth $2.96 million far outweighing $832,000 in long positions. This imbalance reinforces the lack of bullish momentum and signals that bears remain in control.
Key Support Under Threat
Technical analysis highlighted the importance of the $0.226 support level. HBAR has retested this level more than six times within a descending triangle formation. Historically, rebounds have followed these retests, but the current market sentiment makes another bounce less certain.
If the token closes below $0.223 on the daily chart, analysts warn of a potential 20% slide toward the $0.18 region. Still, the Supertrend Indicator remained green, suggesting that a broader uptrend is not yet invalidated. The Relative Strength Index (RSI) at 43.80 also shows neutral conditions, leaving room for either direction depending on momentum shifts.
Also Read: Hedera Gains Momentum as KAIO Launches Three Institutional Funds on Its Network
Exchange Outflows Signal Accumulation
Amid the bearish price action, one positive development emerged. Data showed $3.18 million worth of HBAR leaving exchanges, typically a bullish sign indicating investor accumulation. This outflow could help cushion further downside and keep traders watching whether HBAR can defend its key support zone.
While Hedera faces strong bearish sentiment, with shorts dominating and support under pressure, exchange outflows offer a possible lifeline. The coming days will be critical in determining whether HBAR breaks below $0.223 or holds its ground for a potential rebound.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
