HBAR Price at Risk of Dropping to July Lows Amid Weak Momentum

Hedera Hashgraph’s native token HBAR has stalled regardless of the current market rebound, remaining largely sideways since September 22. 

Market indicators now sign rising bearish stress, suggesting the token might break beneath its help stage. 

Sideways No More? HBAR Risks Cracking $0.2089 Support 

Readings from the HBAR/USD one-day chart present that the altcoin has trended sideways since September 22, dealing with resistance close to $0.2305 and finding support at $0.2089.

With the rising bearish tilt in broader market sentiment, technical indicators now level to a probability of a breach of that help flooring within the close to time period. For instance, HBAR’s Relative Strength Index (RSI) continues to fall, and is presently at 43.06 at press time. 

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An asset’s RSI indicator measures its overbought and oversold market situations. Its values vary between 0 and 100. Values above 70 counsel that the asset is overbought and due for a worth decline, whereas values beneath 30 point out that the asset is oversold and will witness a rebound.

At 43.06, HBAR’s RSI alerts weakening momentum. It hovers beneath the impartial 50 stage and means that promoting stress might continue to outweigh shopping for curiosity. 

Furthermore, readings from HBAR’s Elder-Ray Index affirm this bearish bias. As of this writing, the indicator’s worth is at -0.01051.

The Elder-Ray Index indicator measures the energy of bulls and bears out there by evaluating shopping for stress (Bull Power) and promoting stress (Bear Power). 

When the worth is constructive, the market is experiencing extra shopping for stress than promoting, suggesting a possible uptrend.

However, when the worth turns damaging, because it has for HBAR, it alerts that bearish forces dominate the market.

Will Buyers Hold the Line or Let Bears Drag It to $0.18?

If the bearish pattern persists and HBAR breaches the help at $0.2089, it dangers revisiting its July low of $0.18405, which might mark the next key support level. 

Conversely, growing purchaser exercise might set off a rally above its present sideways vary and push HBAR’s worth to $0.2631. 

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