Key Insights:
- HBAR crypto could fall by 15% if it fails to sustain above the $0.142 level.
- Despite the bearish signals, traders remain optimistic, as reflected in the consistently positive funding rate.
- On-chain metrics reveal that exchanges have recorded an outflow of $6.52 million worth of HBAR tokens.
It has been over a week since HBAR crypto started bleeding, and it shows no signs of stopping. The token has reached a crucial support level, and if this bearish momentum continues, the market could experience a significant price decline.
The daily chart reveals that HBAR is trading within a descending channel pattern, hovering between the upper and lower boundaries — a setup that often signals further downside risk.
Traders Remain Optimistic Despite Price Drop
Despite a strong bearish signal, traders remain optimistic and confident, as revealed by the on-chain analytics tool Coinglass.
Data shows that the funding rate for HBAR crypto has remained positive, indicating traders’ confidence, although their interest in the token appears stagnant.
Additionally, it demonstrates that traders believe in HBAR’s price potential and are hopeful for a possible recovery in the coming days.
$6.50 Million Worth of HBAR Outflow
In addition, investors and long-term holders appear to be accumulating tokens, suggesting a classic buy-the-dip strategy, as revealed by the on-chain analytics tool Coinglass.
Data from spot inflow/outflow indicates that exchanges across the crypto landscape have recorded an outflow of $6.52 million worth of HBAR tokens.
This substantial outflow from exchanges was recorded over the past weeks and marks the second consecutive week of such activity.
Experts and analysts see this notable outflow of HBAR crypto from exchanges as a sign of accumulation by investors and long-term holders, which has the potential to reduce selling pressure and downside momentum.
Current Price Momentum
At press time, HBAR crypto was trading near $0.1465 and had recorded a modest price drop of 1.20% in the past 24 hours. During the same period, participation from traders and investors also declined, leading to a notable 50% drop in trading volume.
Hedera (HBAR) Price Action and Technical Analysis
According to expert technical analysis, HBAR crypto appears to be in a downtrend and may continue its downward momentum in the coming days.
The daily chart reveals that since the beginning of May 2024, the asset has been moving within a descending channel pattern, fluctuating between the upper and lower boundaries.
With the recent price decline, HBAR appears to be hovering near the lower boundary of the channel pattern and is struggling to gain momentum.
HBAR Crypto Price Prediction
Based on recent price action and historical patterns, if the downside momentum continues and HBAR crypto falls below the $0.142 level, there is a strong possibility of a further 15% price drop in the coming days. On the other hand, if the asset holds this level, there could still be hope for a potential price recovery.
At press time, HBAR’s 200-day Exponential Moving Average (EMA) is trading above the asset price, which hints at a prevailing bearish trend and indicates that the asset is currently under long-term selling pressure. This technical setup often suggests limited upside potential unless a strong reversal or breakout occurs.
Meanwhile, the asset’s Relative Strength Index (RSI) stands at 29.95, indicating that HBAR is currently in the oversold zone. This suggests that the selling pressure may be overextended, and a potential short-term rebound or price correction could be on the horizon if buying interest emerges.