HBAR Short Traders Push for Decline as Token Eyes $0.14
HBAR has been trying to stay motivated after reaching a four-year high of $0.41 on January 17. Since then, the token has been in a steady downward trend, reducing its value by 39%.
As short traders dominate the risk of selling prices below the $0.20 mark futures market.
Hedra short trader calls lens
HBAR’s long/short ratio highlights bearish bias against altcoins in its futures market. At press time, the metric system is below 0.98.
This ratio compares the number of long-term positions in the market (bets will rise) with short positions (bets that fall) . When the length/short ratio of the asset is higher than 1, the length of the short position is longer than the short position, indicating that the trader is mainly betting on the price increase.
Conversely, like HBAR, more and more traders bet on price drops when the ratio is below 1. This indicates a strong bearish sentiment in the market and expect further disadvantages.
It is worth noting that technical indicators strengthen this prospect. HBAR trades below Its Ichimoku cloud on the daily chart indicates poor demand and downward momentum.
Ichimoku Cloud tracks the momentum of asset market trends and determines potential support/resistance levels. When the asset trades below this cloud, it reflects a downward trend. In this case, the cloud is a dynamic zone of resistance, which can enhance the possibility of a sustained decline if the price remains below it.
HBAR price Predictions: Weak buying pressure may push it to $0.14
The setting of the moving average convergence difference (MACD) of HBAR confirms its traders’ low buying pressure. At press time, the MACD line (blue) is below the signal (yellow) and the neutral line.
The MACD indicator of an asset determines the trend and motivation of its price movement. It can help traders discover potential buying and selling signals through the intersection between the MACD and the signal line. When set in this way, sales activity dominated the market, suggesting further price declines.
If HBAR sell-off continuesits price may drop to $0.20. If bearish pressure grows at this point, its value may drop further to $0.14, with the lowest being the lowest in November.
On the other hand, if the bulls return to dominance and push The demand for Altcoin, The price of HBAR may climb to $0.32.
Disclaimer
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