Hedera (HBAR) Faces Strong Selling Pressure, Eyes 18% Decline

Since January 17, Hedera (HBAR) has been on a downward trajectory, shedding 20% of its value as selling pressure intensifies. The altcoin has since traded below a descending trendline, indicating persistent bearish sentiment in the market. As demand for the altcoin continues to plummet, HBAR risks extending its price drop. This analysis has the details. Hedera Bears Overrun Market BeInCrypto’s assessment of HBAR’s price performance on a daily chart reveals that the altcoin has traded below a descending trendline since January 17. The token trades at $0.31 at press time, noting a 20% price decline since then. A descending trendline is a bearish pattern that connects a series of lower highs in an asset’s price movement, indicating a consistent downtrend. When an asset trades below this trendline, it suggests that the price is under bearish pressure and the prevailing market sentiment is bearish. HBAR Descending Trendline. Source: TradingViewReadings from HBAR’s Awesome Oscillator (AO) confirm this prevailing bearish sentiment. For context, this momentum indicator has posted only red histogram bars since January 21, indicating that HBAR has been trailed by negative bias for a while. An asset’s AO measures market momentum by comparing the difference between two simple moving averages (SMA) of an asset’s price. When its bars are red, it indicates a shift towards bearish momentum, suggesting that sellers are gaining strength and the market may be poised for further downside. HBAR Awesome Oscillator. Source: TradingViewHBAR Price Prediction: Token Under Threat of 18% Decline to $0.26 If sellers retain market control, HBAR risks falling 18% to trade at $0.26. According to its Fibonacci Retracement tool, if selloffs increase at this point, that support level may not hold, and the token’s price could drop further to $0.22. HBAR Price Analysis. Source: TradingViewHowever, a positive shift in market sentiment could prevent this from happening. If HBAR witnesses a spike in buying pressure, its price could rebound and climb toward its multi-year high of $0.40. Disclaimer In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... READ FULL BIO