HBAR Declines as Sellers Dominate, Bears Maintain Control
HBAR continues its downtrend, dropping 52% from its yearly high as selling pressure dominates, with weak buying momentum and bearish indicators signaling more losses.
Hedera’s HBAR token has been in a steady decline since reaching its highest point of the year in mid-January. The price has dropped significantly, with sellers maintaining control over the market. Technical indicators continue to signal bearish dominance, suggesting the downward trend may not be over yet.
One key indicator, the Relative Strength Index (RSI), remains low, indicating that buying momentum is weak. This measure determines whether an asset is overbought or oversold, with higher values suggesting an impending correction and lower values hinting at potential rebounds. Currently, HBAR's RSI suggests that while the token is under pressure, there is still room for further decline before it enters oversold territory. This means sellers are still dominating, and buyers have yet to step in strongly enough to reverse the trend.
Adding to the bearish outlook is the Elder-Ray Index, which has been in negative territory for over a week. This index analyzes the balance of power between buyers and sellers. A negative value suggests that sellers have the upper hand, keeping downward pressure on the price. Since this indicator has remained negative for multiple consecutive days, it confirms that HBAR is struggling to regain its footing in the market.
Further reinforcing this trend is HBAR's descending channel pattern, a technical signal indicating a continued bearish movement. When an asset moves between two downward-sloping trendlines, it suggests a consistent decline in value. This pattern confirms that sellers have been in control for an extended period, making it harder for the token to recover without a significant change in demand.
If the current selling pressure continues, HBAR could test lower support levels seen in previous months. However, if new demand enters the market, a price rebound remains possible. A positive shift in sentiment could help HBAR regain lost ground and push its value back toward key resistance levels.
While some traders remain hopeful for a reversal, the data suggests that caution is still warranted. The market will need a significant influx of buyers to challenge the ongoing bearish trend. Until then, HBAR remains in a vulnerable position, with further losses possible if current conditions persist.
