HBAR ETF Sparks Surge, But Weak Demand Threatens Rally
Hedera (HBAR) violated a broader market downward trend yesterday. It soared nearly 10% after news that Nasdaq had filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list the proposed HBAR exchange-traded fund (ETF) by Garnery Capital.
However, the gathering was short-lived. The price of HBAR has fallen by 7% over the past 24 hours, and technical indicators show further disadvantages as demand for Altcoin remains weak.
HEDERA falls after ETF hype fades
On Monday, U.S. Stock Exchange Nasdaq Filed Listed in the event that the SEC seeks approval Canary’s ETFdesigned to accommodate the Hedera Network’s local token HBAR.
After this development, altcoins diverged from the wider market to record growth. Its price rose from $0.209 to a 24-hour high of $0.226. However, since there is no need to maintain the assembly, Price of HBAR Since falling slightly. Now, it is trading at $0.190, down 7% in the past 24 hours.
Beincrypto found that huge bearish bias continues to lag behind Altcoin. This is evident from the negative power balance (BOP) indicator on the 12-hour chart currently at -0.50.
The BOP indicator measures the strength of a buyer to the seller by analyzing price changes over a given period. Negative BOP values indicate sellers are under control, indicating bearish momentum and potential downward price pressure.
Furthermore, HBAR’s Chaikin currency flow (CMF) affirms this bearish view. At the time of writing, it is in a downward trend below the zero line.
This momentum indicator measures capital inflows and exits assets. A negative reading of CMF like this means that sales pressure is greater than the accumulation work among market participants. This is a bearish setting, which traders interpret as signals to exit a long position and occupy a short position as they expect prices to drop further.
HBAR faces strong resistance as the downward trend continues
HBAR continues Trading at prices below the downtrend line, keeping its price low since it reached $0.40 year-to-date. As demand weakens and sell-offs strengthen, HBAR prices may remain below this trend line in the near term.
When asset trading is below the downtrend line, this indicates that bearish momentum is dominant and sellers always push the price. This suggests that HBAR will maintain a downward trend until it breaks down the trend line with strong buying pressure.
If the decline continues to decline, the price of HBAR may drop to $0.169.
On the other hand, a surge in demand can reverse this trend and send HBAR rose to $0.247.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
