Altcoins News
By Sakamoto Nashi
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Hedera (HBAR) has been under increased selling pressure in recent days, prompting concerns among traders about a potential 13% decline. Over the past 24 hours, HBAR has shed 7.
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HBAR’s Struggles and Rising Selling Pressure
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The main signal of trouble for HBAR is the increasing selling volume. A key metric, the Long/Short Ratio, showed that 56.5% of the taker volume consisted of sellers.
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Technicals Point to a Short-Term Downtrend
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Looking at HBAR’s technical chart, the 4-hour price action shows that after experiencing substantial losses in early February, the cryptocurrency managed to stabilize above $0.
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Over the past 48 hours, the bearish momentum has solidified, and the Awesome Oscillator has made a bearish crossover.
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Given these technical indicators and the current market environment, HBAR is expected to continue its short-term downtrend. The next potential support level lies at $0.
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Bearish Sentiment Dominates Social Metrics
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Social media sentiment around HBAR also reflects the negative outlook. According to data from Santiment, the Social Dominance of HBAR has been declining since mid-January.
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Furthermore, the Weighted Sentiment for HBAR has remained strongly bearish since mid-December.
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For traders looking to enter the HBAR market, the current conditions suggest that long positions may be too risky, as they go against the prevailing downtrend.
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In conclusion, HBAR faces significant challenges in the short term. With growing selling pressure, technical indicators showing bearish trends, and a lack of positive social…
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