Hedera’s native token, HBAR, has shown remarkable resilience despite enduring multiple market crashes and failed recovery attempts.
Altcoins continue to rise above key support levels, maintaining investor confidence despite continued bearish market sentiment. However, questions remain as to how long HBARs can maintain this stability.
Sponsored Sponsored
Hedera needs stronger market support
The Chaikin Money Flow (CMF) indicator shows that HBAR is located in a bearish zone below the zero line, reflecting continued outflows. Although there has been a gradual increase recently, inflows are still insufficient to reverse this trend. This suggests that sellers maintain market power.
HBAR prices are likely to remain under pressure until steady inflows outweigh outflows. Gradually increasing inflows indicate that investor interest is gradually returning, but it is not yet strong enough to dictate the direction of prices.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
The Relative Strength Index (RSI) reinforces this bearish sentiment. Currently, the RSI is below the neutral mark of 50.0, indicating that market conditions are not favorable for recovery.
Sponsored Sponsored
The lack of upward momentum reflects overall market weakness and reluctance among traders to re-enter bullish positions.
This bearish momentum poses challenges to HBAR’s price performance. Without support from the broader market, any potential rebound may be limited or short-lived. For HBAR to regain strength, RSI needs to rise towards neutral levels.
HBAR price may remain consolidated
HBAR is trading at $0.174 at the time of writing, hovering just below the $0.175 resistance level. Despite several setbacks, the token managed to hold above its key support level at $0.162, showing its resilience.
This support has been crucial for HBAR over the past month, preventing further declines towards $0.154. Even under the current bearish conditions, the token is likely to continue consolidating beyond this zone, providing a stable base for a potential recovery.
If broader market conditions improve and capital inflows strengthen, HBAR could turn the $0.175 resistance into support. This could trigger a rally towards $0.194 and pave the way for a fresh attempt to break above $0.200, invalidating the bearish theory.
