HBAR Open Interest Sinks—Signs of Further Decline?
Hedera’s HBAR has witnessed a sharp drop in prices over the past week. The token’s value fell 17% during the period when it was published.
The low demand for tokens is reflected in its open interest, and the benefit has dropped to its lowest level of the year. This marks a decrease in leverage positions and may drive further price declines.
HBAR’s open interest is declining every year – what’s going on in the future?
Open interest of HBAR, which measures the total number of its outstanding derivative contracts, e.g. futures Or unresolved options have been steadily declining since January 9. This month alone, Plunge by 8% The current price is $149 million, the lowest level since the beginning of the year.
When the price and open interest of assets fall, it indicates that market participation weakens and weakens traders’ confidence. This trend indicates that existing HBAR locations are closing, and no new HBAR locations are open. It shows a bearish outlook for altcoin in the short term, as its price may Continue to decline Unless new buying pressure reappears.
Additionally, on the one-day chart of HBAR/USD, the token trade trades are trading below the point of its parabolic stop and reverse (SAR) indicator.
Parabolic SAR indicators determine the potential trend direction and reversal of the asset. When its point is below the asset price, the market is in a downward trend. It confirms that HBAR prices are falling and the trend may continue if purchasing activity remains low.
HBAR slides into bearish channel
exist Daily chartHBAR has fallen into the descending parallel channel Keep its price In the downward trend between January 16 and March 1.
Last week, the market surged volatility The brief push tokens above this range suggests a potential breakthrough. However, the gradually weakening demand has caused HBAR to slip back into bearish channels, indicating longer downward pressure.
If this continues, the price of HBAR It may fall to $0.16.
On the other hand, a revival of HBAR demand could raise its price to $0.24.
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.
