Altcoins News
By Sakamoto Nashi
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Hedera (HBAR) has hit a significant technical milestone, forming a death cross for the first time in 11 months.
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For most of 2024, HBAR showed impressive price growth, bouncing off key levels of support. However, the correction at the end of March triggered a reversal that has yet to be…
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The technical indicator holds significance because it often foreshadows an extended bearish trend.
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Looking beyond the chart pattern, Hedera’s price action is being heavily influenced by weak investor inflows, as shown by the Chaikin Money Flow (CMF) indicator.
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The CMF’s persistent negative readings align with broader market sentiment, which remains cautious and hesitant.
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At the time of writing, HBAR is trading at approximately $0.16, down 6% over the last 24 hours.
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The primary support level for HBAR sits at $0.16. If the price fails to hold at this level, a drop to $0.15 or lower could follow. A fall to $0.
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For the bears to lose their grip, HBAR would need to overcome the $0.17 resistance and establish it as support. A sustained push beyond $0.
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In conclusion, Hedera’s recent formation of a death cross and its struggle with weak investor inflows highlight a challenging road ahead for the altcoin.
The Currency Analytics
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