HBAR Price Jumps on ETF Filing, But Bears Remain in Control | Airdrop Alert Pro

HBAR noted that 20% of the rally was held during Wednesday’s intraday trading. Nasdaq filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list and trade grayscale spot HBAR exchange-traded funds (ETFs) for submitting this double-digit return.

However, the rally seems to be losing momentum. Market indicators show that bearish sentiment is increasing, putting HBAR at risk of losing its recent gains.

HBAR faces downward pressure when market sentiment turns bearish

The negative power balance (BOP) reading of HBAR indicates that its spot market participants have weakened buying pressure. At press time, this indicator that compares the strength of asset bulls and bears is below zero at -0.09.

When the BOP of an asset is negative, its seller has more control over the price action. This suggests that buying pressure in the HBAR market has weakened and suggests a potential continuation of bearish momentum.

In addition, the length/short ratio of HBAR shows Short positionconfirm bearish sentiment futures Trader. At the time of writing, this is 0.98.

The long/short ratio measures the ratio of long-term positions (price increases) to short-term positions in the market (price decreases). When the ratio is Less than 1which indicates that the shorter position exceeds the long position. It highlights the bearishness between Hbar holders and adds Downward pressure About its price.

HBAR’s fate is up in the air

HBAR was exchanged for $0.24 at press time. On the daily chart, it trades above support for $0.22. If bearish pressure increases, this level may not be maintained. If the Bulls can’t defend, the price of HBAR could drop further to $0.17 This support level.

Instead, a positive shift in market sentiment can prevent this. If new demand enters the market, the price of HBAR may violate $0.26, and Towards $0.31.