Hedera Hashgraph (HBAR) is struggling to maintain its recent gains as market indicators point to a weakening bullish momentum. With bearish sentiment on the rise, the token risks further price declines if buyers fail to regain control.
Market Indicators Signal Weakness
HBAR’s Balance of Power (BoP) indicator, which measures the strength of bulls versus bears, currently reads -0.09, indicating a shift in favor of sellers. This negative reading suggests that buying pressure is fading, giving room for further downward movement in the asset’s price.
Additionally, futures market data supports this bearish outlook. HBAR’s Long/Short ratio stands at 0.98, indicating a growing preference for short positions. A ratio below 1 means that more traders are betting on a price decline rather than a rebound. This imbalance further reinforces the bearish sentiment, adding to the downward pressure on HBAR’s price.
Critical Support and Resistance Levels
At the time of writing, HBAR is trading at $0.24, hovering just above a crucial support level of $0.22. If selling pressure intensifies, this support may not hold, potentially pushing HBAR down to the next key level of $0.17. Such a drop would mark a significant decline from its recent highs and could trigger further panic selling among investors.
On the other hand, a reversal in market sentiment could help HBAR regain its bullish momentum. If new buying demand emerges, the token could break past resistance at $0.26. A successful breach of this level may pave the way for a rally toward $0.31, reviving optimism in the HBAR market.
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HBAR finds itself at a critical juncture as bearish pressure mounts. With key indicators pointing to a potential downturn, traders must watch support and resistance levels closely. Whether HBAR rebounds or succumbs to further declines depends on the market’s ability to shift sentiment and reignite buying interest. As volatility persists, investors should remain cautious and monitor technical indicators for potential trend reversals.
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.
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