Hedera’s HBAR price drops continue as the altcoin struggles to recover from its year-to-date (YTD) high of $0.40 on January 17. Since then, it has fallen to $0.19, marking a 52% decline. With selling pressure still strong, technical indicators suggest more downside could be ahead.
HBAR’s Bearish Signals Strengthen
1. RSI Shows No Signs of Recovery
HBAR’s Relative Strength Index (RSI) currently sits at 40.62, confirming sustained selling pressure.
- The RSI ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 signaling an oversold asset.
- At 40.62, HBAR remains bearish but not yet oversold, suggesting further room for decline.
2. Elder-Ray Index Confirms Bearish Momentum
The Elder-Ray Index, which measures bull vs. bear power, has been negative for seven consecutive days. It currently sits at -0.02, reinforcing the downtrend.
A negative Elder-Ray Index means sellers are in control, making a price recovery unlikely in the short term.
Descending Channel Hints at Further Losses
HBAR has been trading within a descending parallel channel since hitting its YTD high of $0.40.
- This pattern forms when prices move between two downward-sloping trendlines, signaling a consistent bearish trend.
- As long as HBAR remains in this channel, sellers hold the upper hand, and further declines are possible.
Can HBAR Recover?
If selling pressure continues, HBAR could drop to its next major support at $0.16, a level last seen in November.
However, if market sentiment shifts positively, an increase in demand could push HBAR’s price back toward $0.24.
Final Thoughts
HBAR’s 52% decline reflects strong selling pressure and bearish indicators. The RSI and Elder-Ray Index both point to continued weakness, while the descending channel suggests more losses unless demand returns.
For now, HBAR remains in a downtrend, and a break above resistance is needed for any meaningful recovery.
