Hedera Hashgraph’s native token HBAR has extended the bearish stripes and lost 12% of its value in the last 30 days.
With September beginning, both the chain and technical indicators are showing even more debilitating, with few signs of recovery on the horizon. The current question is whether Altcoin can withstand the growth of bear pressure or is a deep decline imminent?
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Retail indifference meets smart money retreats
According to Santiment, Hbar’s social domination has steadily plummeted over the past month, indicating limited interest in Altcoin. It is currently at 0.74%, and has focused on 55% DIP over the past 30 days.
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Social dominance metrics measure how often an asset is mentioned via social platforms, forums, and news outlets compared to other regions of the market. As you climb, it shows that the tokens are attracting greater attention and debate.
Such spikes usually precede the rally as more chatter around the assets tends to attract new buyers and burn upward momentum.
Conversely, when it drops, assets are declining from the broader market conversation. This decline reflects indifference from retailers, which could lead to lower demand for HBAR and lower prices.
Meanwhile, HBAR’s Smart Money Index (MSI) has also been facing downwards, indicating that key holders are reducing their exposure to Altcoin. At press, this is 1.108.
Asset SMI measures the activity of experienced or institutional investors by analyzing market behavior during the first and last hours of a transaction.
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As indicators rise, it shows an increase in purchasing activity by these investors, increasing confidence in their assets.
On the other hand, if it drops, it shows a decline in reliability from these investors as it distributes holdings. This shows bearish sentiment from HBAR’s main owners or hopes for a lower price, further halting short-term rebounds.
Hbar Bears Eye $0.1885, but a single breakout can exceed $0.26
The above indicators point to a decline in investor interest, a decline in social presence, and a decline in support from key players. If this trend continues, HBAR prices could extend the decline and drop to $0.1885.
However, the rise in new demand for Altcoin will negate this bearish outlook. HBAR reversed its decline, broke above $0.2212, allowing it to rally towards $0.2636 in that scenario.
