Hedera’s native token, HBAR, has fallen 7% in the past 24 hours, continuing its downward trend. Currently trading at $0.19, the altcoin struggles with declining buying pressure and bearish market conditions.
Investors Exit HBAR as Indicators Turn Bearish
An analysis of the HBAR/USD daily chart shows a steady decline in its Accumulation/Distribution (A/D) Line since early March. This indicator tracks money flow by analyzing price movements and trading volume. A falling A/D Line suggests increasing selling pressure, with more traders exiting rather than accumulating.
Adding to the bearish outlook, HBAR’s Relative Strength Index (RSI) has dropped to 40.10, confirming rising sell-side pressure. An RSI below 50 indicates that sellers are dominating the market. If the RSI nears 30, HBAR could enter oversold territory, signaling a potential reversal or further losses.
Can HBAR Hold Above $0.16?
If selling pressure intensifies, HBAR could drop to a three-month low of $0.16. A break below this support level might push the price down further to $0.12.
On the flip side, if demand increases, HBAR could rebound to $0.24, invalidating the bearish outlook. Market sentiment and buying activity will be crucial in determining its next move.