Why the Hedera Token Price Could Struggle to Break $0.31 | Airdrop Alert Pro

HBAR, the Hedera Hashgraph network’s native cryptocurrency, has surged 8% in the past 24 hours. After the altcoin hit a three-year high of $0.39 on December 3, it experienced a few days of decline before rebounding.

However, HBAR’s 8% surge in the past 24 hours only reflects the broader market rally. The bearish bias against it remains strong, putting it at risk of resuming its downtrend. This article analyzes and explores the reasons behind this.

Ivy Bear takes control

this Hedera token price increased by 8% Its trading volume plummeted 21% in the past 24 hours. Increases in price and decreases in volume are often interpreted as bearish divergence – a potential sign of continued caution about an uptrend.

This pattern suggests that speculative buying, rather than real demand, is driving the price higher, making it less likely to hold.

The slump in activity around HBAR is evidenced by the plunge in open interest in the HBAR derivatives market. At press time, the figure stood at $292 million, down 38% over the past five days. A drop in open interest indicates fewer contracts are being traded or held, often indicating reduced market participation or waning investor confidence in the asset.

Additionally, overall market sentiment HBAR remains bearishas reflected in its negatively weighted sentiment indicator. Since HBAR fell from its three-year high on Dec. 4, the indicator has only shown negative values, according to Santiment. As of this writing, the indicator stands at -0.13.

This on-chain metric measures the overall sentiment of social media mentions of an asset, taking into account the volume and polarity of comments. Negative weight sentiment indicates that most social media mentions are negative, indicating bearish sentiment for the asset.

HBAR Price Prediction: Key Resistance to Breakout

On the HBAR/USD one-day chart, the Momentum Oscillator Supports bearish outlookonly red histogram bars are shown for the past five days. This indicator evaluates market momentum, with red bars indicating declining momentum, indicating either a weakening bullish trend or increasing bearish pressure.

Currently trading at $0.30, HBAR could drop to $0.25 If bearish pressure intensifies.

On the other hand, if market sentiment changes from bearish to bullish, Hedera Coin Price May Break Resistance Level to $0.31 and is attempting to regain its three-year high of $0.39.