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Hedera (HBAR) Bleeds 7%, More Pain Ahead as Bears Tighten Grip

2 mins
Updated by Ann Maria Shibu
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In Brief

  • HBAR drops 7% in the past week, underperforming the broader crypto market, which is showing mild recovery.
  • HBAR’s Relative Strength Index (RSI) remains below 50, signaling continued bearish momentum and reduced chances of a rebound.
  • The token trades below a descending trend line, increasing the likelihood of further declines to $0.12 unless a rally occurs.
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HBAR has recorded a 7% drop over the past week, underperforming the broader crypto market, which has shown signs of a mild recovery. 

A closer look at the technicals paints a bleak picture, with key indicators suggesting the selloff may continue in the short term.

HBAR Bulls Step Back as Sellers Gain Ground

An assessment of the HBAR/USD one-day chart shows that the token’s Relative Strength Index (RSI) remains below the neutral 50 level and continues to trend downward. As of this writing, this momentum indicator is at 43.38.

HBAR RSI.
HBAR RSI. Source: TradingView

The Relative Strength Index (RSI) is a momentum indicator used to assess whether an asset is overbought or oversold. It operates on a scale from 0 to 100, with readings above 70 typically signaling overbought conditions and a potential price correction. On the other hand, values below 30 suggest the asset is oversold and may be poised for a rebound.

HBAR’s RSI reading signals growing bearish momentum. Its weakening value suggests that selling pressure is intensifying, reducing the likelihood of a short-term rebound.

HBAR’s Balance of Power (BoP) indicator, which currently returns a negative value of -0.27 at press time, further reinforces the bearish outlook.

HBAR BoP
HBAR BoP. Source: TradingView

This indicator measures the strength of buyers versus sellers by analyzing price movement within a given period. When an asset’s BoP is negative, it indicates that sellers are dominating the market. This increases the likelihood of continued downward pressure on HBAR’s price in the short term. 

HBAR Faces Downtrend Pressure

HBAR’s decline over the past days has caused it to trade below a descending trend line. This is a bearish pattern formed when an asset consistently makes lower highs over time, and those highs can be connected by a straight line sloping downward. 

The longer the trend line holds, the stronger the indication that the asset is in a sustained downtrend. This pattern reflects a bearish market sentiment, where HBAR sellers gradually overpower buyers. 

If this continues, it could push HBAR’s price further to $0.12.

HBAR Price Analysis.
HBAR Price Analysis. Source: TradingView

However, a rally above the descending trend line could propel the HBAR token’s price to $0.19.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a Technical and On-Chain Analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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