HBAR’s Price Risks Decline Despite $4 Million Spot Inflows
HBAR, the native token powering the Hedera Hashgraph distributed ledger, recorded its first spot inflow over the past week, totaling $4 million. This sparked speculation that this could mean the altcoin is poised to break out of the tight trading range it has been trading in since early December.
However, bearish pressure remains, leaving HBAR’s price at risk of remaining range-bound or even declining.
Hedera records spot inflows, but there’s a problem
According to Coingras, HBAR spot inflow It had reached $4 million on Friday. This follows six consecutive days of outflows totaling $26 million.
When there is a spot inflow for an asset, it means an increase in purchases of that asset in the spot market, and the transaction is settled immediately. This indicates increased demand for the asset as buyers are willing to purchase it at the current market price.
However, while HBAR’s spot inflows are a positive sign, its technical indicators suggest bearish pressure remains. For example, readings from its True Strength Index (TSI) indicator show that at press time, the TSI line (blue) was below the signal line (red), reflecting a strengthening bearish bias.
The TSI indicator helps identify the strength and direction of a trend by smoothing price movements. When the TSI line is below the signal line, it indicates bearish momentum. This suggests selling pressure is greater than buying interest.
Additionally, traders interpret this crossover as a sell signal or warning that the uptrend is fading and further declines are possible in the future.
HBAR’s Moving Average Convergence Divergence (MACD) indicator also supports this bearish outlook. At press time, the coin’s MACD line (blue) is below its signal line (orange).
When the indicator sets up in this way, it indicates bearish momentum. This means that selling activity by market participants exceeds buying activity, putting significant downward pressure on its price.
HBAR Price Prediction: Is it time to break out of this range?
From December 4th, HBAR price shock price range between. It encountered resistance at $0.33 and found support at $0.24. As of writing, the altcoin is trading just above this support at $0.28.
As downward pressure on its price builds, it may drop to test this support. If it fails to hold, its value could fall further to $0.16.
On the contrary, if Inflow tokens The spot market continues to exist due to continued demand for altcoins, HBAR Price A rise to $0.33 is possible.
Disclaimer
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