Weak Demand Signals Potential Decline
Hedera Hasgraph’s original token HBAR has been in a tight range since early February, reflecting the broader market consolidation over the past few weeks.
As the price moves, its position and futures Traders have reduced their exposure, putting altcoins at risk of bursting in a downward trend.
Within the scope of HBAR transactions
The broader market consolidation over the past two weeks Binding HBAR. Its price has been in a narrow range, facing resistance of $0.24 while looking for support at $0.22.
When the price of an asset moves sideways in this way, it tends up and down within a limited range without a clear breakthrough in any direction. This shows that the market is hesitant and neither buyer nor seller has gained enough momentum to a significantly higher or lower price.
However, bearish pressure is strengthening, suggesting potential losses below support at $0.22. This is reflected by a decline in open interest in HBAR, which has fallen by more than 50% since early February. At press time, it was $182.96 million.
Open interest on an asset refers to the total number of outstanding futures or options contracts that are outstanding. When this decline occurs, traders close positions without opening up new positions, which reduces market participation or weakens interest in the asset.
In addition, the continued outflow of the HBAR spot market confirms this bearish outlook. According to Coinglass, HBAR has noticed a total spot amount of $43 million since early February. Instead, the inflow during this period was only $18.15 million.
These spots outflows mean that more HBAR traders are selling or withdrawing assets from exchanges than buying or depositing. This indicates that sales pressure among its holders has increased, suggesting a Prices fell.
HBAR price Prediction: Breakthrough or collapse?
On the daily charta clear resistance formed above the super trend indicator of HBAR, at $0.30. This indicator tracks the direction and intensity of asset price trends. It is displayed as a line on the price chart, changing the color to represent the current market trend: the trend of green and red on the uptrend.
When an asset trades below the supertrend line, it marks a bearish trend, indicating potential downward momentum and sales pressure. If the sell-off increases, Price of HBAR It may break through the $0.22 support level and drop to $0.16.
However, if new demand enters the market, it could push HBAR over $0.24 and push towards a $0.30 resistor.
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.
