HBAR Price Analysis

HBAR is likely to fall another 13% over the next few days.
A short-term price bounce alongside BTC was possible in the next 24 hours.

Hedera (HBAR) has shed 7.9% in 24 hours, with its daily trading volume increasing by 20%. This indicates increased selling pressure as the local support level broke down.

The Long/Short Ratio by Taker Buy/Sell Volume showed that 56.5% of the taker volume consisted of sellers, reflecting strong bearish sentiment over the past 24 hours, coinciding with a retest of $0.223 as resistance.

HBAR Falls Below $0.223, Reflects Rising Volatility

After substantial losses in early February, Hedera prices stabilized above the $0.223 mark, which is also the 61.8% retracement level based on the November rally.

During this consolidation phase, trading volume decreased and Bollinger bands tightened around the price. The CMF mostly remained in neutral territory, while Bitcoin (BTC) stayed within the $95.5k-$98k range.

Over the past 48 hours, momentum has started to solidify with a bearish lean. BTC has remained relatively unchanged, but the altcoin market is declining.

The HBAR Awesome Oscillator indicated a bearish crossover, and the CMF fell below -0.05, while the Bollinger bands expanded as losses increased. Since losing the $0.223 support level, Hedera prices have fallen by over 8% in under two days.

This short-term downtrend is expected to continue, with HBAR likely to retest $0.176 as support over the next few days. However, if BTC approaches a support zone at $94k, HBAR might experience a short-term price bounce.

Data from Santiment indicates that social metrics are firmly bearish. Social Dominance, measuring the token’s volume as a fraction of 50+ of the most popular crypto assets on social media, has been decreasing since mid-January. The Weighted Sentiment has remained resolutely bearish since mid-December.

Overall, the short-term market structure suggests that bulls should exercise caution. Long trades would be against the trend, riskier, and more favorable for scalpers.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion