Hedera (HBAR) remains in a precarious position as it struggles to reclaim bullish momentum. The altcoin has faced persistent resistance both in price action and investor sentiment, making recovery efforts increasingly challenging.
Investor Sentiment Remains Bearish
A key indicator of investor sentiment, the Chaikin Money Flow (CMF), has revealed weak inflows since the start of 2024. Over the past two months, HBAR’s outflows have overshadowed inflows, keeping the CMF below the zero line. This ongoing trend underscores investor hesitancy, preventing the token from establishing sustained bullish momentum.
Despite occasional rebounds, HBAR’s inability to maintain consistent buying pressure indicates a lack of confidence from market participants. Until the CMF rises above zero, the altcoin may struggle to attract strong demand.
Unsteady Momentum Adds to HBAR’s Challenges
Adding to the uncertainty, the Moving Average Convergence Divergence (MACD) has shown inconsistent signals. Over the past three weeks, HBAR has shifted between bullish and bearish momentum, highlighting its difficulty in sustaining a stable trend. While the latest uptick in the MACD suggests a potential recovery, the absence of a clear trajectory leaves the token vulnerable to further volatility.
For HBAR to solidify a bullish outlook, it must establish a steady upward trend rather than fluctuating between brief rallies and corrections. Without this stability, investor confidence is unlikely to return in full force.
HBAR Price Needs a Strong Breakout
Currently trading at $0.197, HBAR is struggling to maintain this level as support. For a potential recovery, the price must consistently stay above $0.197. If this happens, it could pave the way for a climb toward $0.222, marking a shift away from its current downtrend.
Conversely, a failure to hold the $0.197 support level could send HBAR down to $0.177, with a further drop to $0.154 if bearish momentum persists. Such a decline would deepen the altcoin’s downtrend and delay any hopes of recovery.
As market uncertainty lingers, HBAR needs a strong push from bullish investors to overcome resistance and stabilize its price trajectory. Without this momentum, the altcoin risks further downside in the near term.
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.
Also Read: HBAR Price Breaks Key Resistance: Is a 26% Rally on the Horizon?
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