Altcoins News
By Evie Vavasseur
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Hedera (HBAR) has been experiencing a steady decline in price over the past few weeks, showing little sign of a reversal despite positive long-term sentiment and growing…
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Traders Bet on Recovery Despite Downtrend
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Despite the overall bearish market conditions, many traders are maintaining positive long-term expectations for HBAR.
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The positive funding rate indicates that there is a significant number of traders betting on HBAR’s recovery.
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Strong Downtrend Reflected in ADX Indicator
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Looking at the broader trend for HBAR, the Average Directional Index (ADX) indicator signals that the altcoin is still in a strong downtrend.
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As a result, traders need to be cautious when considering new positions, as the risk of further declines remains high while the downtrend continues.
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Currently, HBAR is trading at around $0.184, down by approximately 6% over the past 48 hours. The altcoin had struggled to hold above the $0.
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Should HBAR find stability at the $0.177 support, it could indicate a temporary consolidation before the next potential move higher.
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In the event that market conditions improve, HBAR could see a strong recovery, especially if it is able to break the $0.197 resistance level and flip it into support.
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Overall, while HBAR is still facing significant downward pressure, traders remain hopeful that the altcoin will eventually rebound. The support at $0.
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