HBAR has recently experienced a decline that erased the gains made earlier in the week, with the price currently standing at $0.169.
Despite an initial rise of 13%, the altcoin struggled to break free from its month-long downtrend, with skeptical investors causing further price volatility. The outlook remains uncertain as the market shows mixed signals.
HBAR May Not Have A Chance At Recovery
The Chaikin Money Flow (CMF) indicator has moved into the bearish zone, currently sitting below the zero line. This suggests that outflows are dominating the market, while inflows remain subdued. Skepticism among investors regarding HBAR’s price recovery is contributing to the ongoing decline.
Even though HBAR experienced a surge earlier this week, the lack of sustained buying interest is putting downward pressure on the price. Without renewed interest or a change in sentiment, HBAR may continue to face challenges in making a recovery.
The Squeeze Momentum Indicator (SMI) has recently returned to form a squeeze (black dots) over the last 48 hours, which could indicate an imminent volatility explosion for HBAR. The SMI helps gauge market shifts, signaling that significant price movement may be on the horizon as the squeeze releases. A squeeze in the market often leads to a sharp move either upwards or downwards, depending on the momentum.
If the SMI bars turn green, it would suggest an upward shift in momentum, potentially signaling a price uptick for HBAR. However, if the bars remain red or turn more negative, the altcoin could face further declines.
HBAR Price Downtrend Continues
HBAR’s price has been down by 4% in the last 24 hours, and it is currently trading at $0.169. Despite an initial 13% rise earlier in the week, the altcoin failed to break the month-long downtrend, indicating a bearish outlook for the near term. The price decline is likely to continue, with $0.163 acting as the next major support level.
Should HBAR fail to maintain its current level, it could fall to $0.154, deepening the ongoing downtrend. The lack of buying interest and the bearish CMF suggest that the altcoin could face further challenges, pushing the price lower in the coming days.
However, if HBAR manages to recover and break above $0.172, it could turn the market sentiment around. A sustained rise above this level would signal that the downtrend is over and that the altcoin could push past $0.180. In this case, HBAR may test $0.188, invalidating the bearish outlook and shifting the trend towards a potential recovery.
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