HBAR cracks $0.05 support – what’s next?
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Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- Bears broke the bullish protection of the $0.05 help to flip HBAR bearish.
- Shorts held a 52.54% benefit on the lengthy/brief alternate.
Hedera’s [HBAR] week-long value dip broke the earlier greater low and pushed costs beneath the essential $0.05 help degree. This delivered earnings of over 15% to HBAR shorts.
How a lot are 1,10,100 HBARs price at the moment?
The break of the essential help degree signaled a shift in momentum on the upper timeframes, with a excessive risk of an additional downward transfer. Within the meantime, Bitcoin’s [BTC] sub-$26k value motion could possibly be the right alternative for bears to increase their positive factors.
Bears wipe out July positive factors
Supply: HBAR/USDT on Buying and selling View
July was a wonderful month for HBAR bulls. Utilizing the $0.05 value degree as a help, patrons racked up a 50% value pump for HBAR. Nonetheless, the worth rejection on the $0.075 value zone ushered in a wave of sustained promoting stress.
The sharp retracement between 15 August and 17 August eased off with a bullish restoration on 19 August. But, the promoting stress endured with one other value rejection on the $0.067 value zone.
This time sellers maximized the promoting stress, sinking HBAR beneath the $0.05 help – a robust protection for bulls. This led to a break within the earlier greater low in early August and signaled a bearish takeover of HBAR’s market construction.
A have a look at the on-chart indicators hinted at additional losses. As of press time, the Relative Energy Index (RSI) dipped aggressively from the overbought zone and hovered simply above the oversold zone.
The On Stability Quantity (OBV) additionally prolonged its sharp decline. Each indicators hinted at a scarcity of bullish conviction and demand for HBAR.
Sellers able to push decrease
Supply: Coinglass
Learn Hedera’s [HBAR] Value Prediction 2023-24
The bearish bias was on full show within the futures market. The alternate lengthy/brief information from Coinglass confirmed shorts held a 52.54% benefit. This amounted to $3.92 million price of promoting positions as in opposition to $3.54 million price of shopping for positions.
Together with HBAR’s destructive funding charges, shorts may attain the June lows of $0.04 to $0.045 within the coming days.
