HBAR saw a 20% surge during Wednesday’s trading session, driven by Nasdaq’s filing of a 19b-4 form with the SEC to list Grayscale’s spot HBAR ETF. However, the rally is losing steam, and market indicators suggest growing bearish sentiment.
HBAR Faces Growing Downward Pressure
HBAR’s Balance of Power (BoP) indicator has turned negative, signaling weakening buying momentum. Currently at -0.09, this metric suggests that sellers are gaining control, increasing the risk of further declines.
Additionally, HBAR’s Long/Short ratio stands at 0.98, meaning short positions now outnumber long positions. This indicates that futures traders expect prices to fall, further strengthening the bearish outlook.
Will HBAR Hold Support or Decline Further?
At press time, HBAR is trading at $0.24, holding just above its key support at $0.22. If selling pressure intensifies, a drop to $0.17 is possible.
On the other hand, a shift in sentiment could push HBAR toward its $0.26 resistance. If buyers regain momentum, the next target could be $0.31, marking a potential recovery.
Do you think HBAR will rebound, or is further downside ahead? Share your thoughts in the comments!
