Hedera Price Hits Weekly Low as Selling Pressure Intensifies
Hedera (HBAR) has lost 12% in value over the past week. At press time, the altcoin was trading at $0.26, currently trading at its lowest level in the past seven days.
Amid falling ivy prices, futures Traders are increasingly calling for short positions, a sign they expect prices to fall further.
Hedera futures traders increase short bets
According to Coingras, HBAR’s long-short ratio It is currently 0.86. The ratio measures open long positions (bets that prices will rise) versus short positions (bets that prices will fall) in the market.
A ratio of 0.86 means there are more short positions than long positions, with 86 long positions for every 100 short positions. This indicates bearish sentiment, as traders tend to expect the price of HBAR to fall.
Low activity in the HBAR futures market, as evidenced by its plunge in open interest, confirms this bearish outlook. As of this writing, HBAR’s open interest stands at $315 million, down 17% in the past six days.
Open interest measures the total number of active derivatives contracts (such as futures or options) that have not yet been settled or closed. As is the case with HBAR, when prices fall during periods of decline, it indicates a decrease in market participation as traders close positions rather than open new ones. This reflects weakening bearish momentum and hints at further price declines.
HBAR Price Forecast: A/D lines show selling pressure
On the daily chart, HBAR Declining Accumulation/Distribution Line (Line A/D) confirmed the decline in its buying activity. BeInCrypto’s assessment shows that the indicator’s value has plummeted by 6% in the past week.
The A/D Line is a volume-based indicator that measures the flow of money into or out of an asset by analyzing price movements and trading volume. A falling A/D line indicates selling pressure is outweighing buying interest, indicating weaker confidence in the asset’s price.
if Selling pressure intensifies on HBARits price may fall below the $0.24 support and move towards $0.16. Conversely, if demand for altcoins revives, it may Pushing Hedera price to $0.33.
Disclaimer
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