Why HBAR Price Decline May Not Be Over
Unlike previous weeks, the price of Hedera (HBAR) has fallen by nearly 17% in the past seven days. Although many holders hope this HBAR Price The decline is temporary, and multiple indicators suggest altcoins may still fall.
As of this writing, HBAR is trading at $0.29. But how low can the value of a cryptocurrency go?
Hedera trend changes from bullish to bearish
One indicator shows HBAR Prices May Fall Below is the exponential moving average (EMA). EMA is a technical indicator that helps traders identify trend direction and potential support and resistance levels.
In an uptrend, the EMA may act as a support level, with the price bouncing off the support level before continuing upward. On the other hand, the EMA can act as a resistance level with the price pulling back after a downtrend.
According to the HBAR/USD 4-hour chart, Altcoins It has fallen below the 20-period moving average, indicating a bearish trend. Historically, whenever this has happened, assets have been worth much less than they are now. Therefore, it is very likely The value of HBAR may fall below $0.29 in the short term.
From an on-chain perspective, Hedera’s social dominance is an indicator supporting a long-term pullback. Social dominance measures the extent to which cryptocurrencies are discussed in the market.
The increase in social dominance shows that discussion of the asset is increasing compared to other top 100 cryptocurrencies, which typically Send a bullish signal mood. On the contrary, the decline indicates waning interest and less attention during the period of HBAR price decline.
On December 3, HBAR’s social dominance surged to 3.50%. However, it has since fallen to 1.12%, reflecting a sharp decline in the altcoin’s popularity. If this trend continues, it could lead to further price declines.
HBAR Price Prediction: Watch $0.17
Meanwhile, on the daily chart, Chaikin Money Flow (CMF) has retreated from its December 2 peak. As the name suggests, CMF measures liquidity in and out of cryptocurrencies.
When CMF increases, it indicates Buying pressure risesand prices may rise. However, As far as HBAR is concerneda drop in the indicator’s rating indicates rising selling pressure.
If it remains unchanged, then the price of HBAR could drop to $0.17. On the other hand, this trend may change if the altcoin rises above the 20 EMA and buying pressure increases. In this case, the coin may climb to $0.39.
Disclaimer
conform to 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 providing accurate and unbiased 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.
