Hbar, the native token of Hedera Hashgraph, has been sideways over the past four days, unlike the recent benefits of the broader Crypto Market.
The overall market has skyrocketed over the past 24 hours, but HBAR lost on the trend, recording a 2% decline. This underscores the growing bearish sentiment, as there is a risk that tokens are below the current narrow trading range.
HBAR faces mounting of mount side risk
HBAR’s stable capital outflow from the spot market weighs heavily on price action. According to Coinglass, Hbar’s spot spill totaled $6.42 million over the past three days, indicating a bearish bias against Altcoin.
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These outflows occur when the asset holder removes capital from the spot market. Usually, they sell coins and move funds elsewhere. It shows weakening demand for assets and is a trend known to drive lower asset prices.
Daily leaks from HBAR’s spot market over the past three days have confirmed the growing uncertainty surrounding tokens, with prices turning sideways. This pattern reflects a progressive shift in market sentiment as traders increasingly try to withdraw from their positions.
Additionally, negative measurements from Hbar’s Chaikin Money Flow (CMF) on the daily chart confirm the struggle to attract shopping interest. At the time of writing, the momentum indicator is -0.07, continuing its downward trend.
CMF measures the buying and selling pressure of assets over a specified period by analyzing price and volume data. It helps you identify whether money is flowing into your assets.
If the CMF is positive, the purchase pressure will be strong and the money will flow into the assets will increase. Conversely, if the value is negative, sales pressure is dominant.
For HBAR, that negative CMF means more money flows out of the assets as traders withdraw their positions. This can exacerbate downward pressure on prices and trigger breaks below the lower line in the current range.
Bears Eye $0.2591 support and low
At press, the HBAR trades at $0.2663, falling below the upper line of the horizontal channel and forming resistance at $0.2667.
Due to increased sell-side pressure, the HBAR will fall towards the $0.2591 support floor.
However, once the Bulls regain control, they can drive the value of the token past the resistance wall and towards $0.2905.
Disclaimer
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