HBAR 6-Week Long Downtrend Strengthens, Price Recovery Uncertain

HBAR has been facing a persistent downtrend since mid-January, with the altcoin failing to recover from the market’s negative pressures. 

Despite finding support at $0.20, broader market conditions and technical indicators suggest that a substantial rebound for HBAR is unlikely in the near future.

HBAR Bulls Nightmare Continues

The ADX (Average Directional Index) has been rising steadily and currently stands at 44, significantly higher than the 25.0 threshold. This uptick indicates that the downtrend is gaining strength, suggesting that HBAR is more likely to experience further declines. As the selling momentum intensifies, investors could see prolonged losses if the trend continues.

In addition to this, market sentiment remains weak for HBAR. The ongoing downtrend reflects investors’ lack of confidence in a strong recovery as the price struggles to hold above critical support levels. The ADX indicator’s rise is a worrying signal that the downtrend may persist, limiting any potential recovery for the altcoin.

HBAR’s broader market momentum also reflects a bearish outlook, especially when considering the technical indicator RSI (Relative Strength Index). The RSI is hovering close to entering the oversold zone, indicating that the market sentiment is overwhelmingly negative. Historically, when RSI falls below 30.0, a reversal might be expected; however, past data suggests that this does not always guarantee a bounce-back.

HBAR’s position near the oversold zone does not necessarily signal an impending recovery. While an RSI below 30.0 typically indicates that the asset is oversold, historical trends suggest that such conditions have not always led to quick recoveries. This raises doubts about whether HBAR can bounce back in the short term or whether further declines are in store.

HBAR Price Needs A Strong Push

Currently, HBAR is trading at $0.20, holding above the support level of $0.19. Over the past six weeks, the altcoin has dropped significantly from $0.37 to its current price. If the downtrend persists, the altcoin could test lower levels, with the next key support at $0.17. A failure to maintain the $0.19 level would likely push HBAR further down.

The combination of technical indicators and the continued negative sentiment suggests that HBAR is at risk of further decline. Should the altcoin lose the $0.19 support, the next significant level of support at $0.17 could be tested, extending the losses for investors. A drop in these levels would deepen the negative outlook.

However, a break above the current downtrend and a successful breach of $0.22 could signal a shift in momentum for HBAR. Securing $0.22 as support could indicate that the altcoin is starting to recover, potentially invalidating the bearish thesis. 

บทความนี้นำมาจากอินเทอร์เน็ต: HBAR 6-Week Long Downtrend Strengthens, Price Recovery Uncertain

Related: OG details Berachain’s current situation: Should we continue to hold the position now?

This article comes from | Ericonomic Compiled by Odaily Planet Daily ( @OdailyChine ) Translator ｜Azuma ( @azuma_eth ) Editors note: The top project Berachain was officially launched last week, but the unclear airdrop rules have been widely questioned by the community. The token price has been falling after a short-term surge, and market dissatisfaction has gradually intensified, even triggering a discussion on whether shorting VC coins is correct. In this market environment, Ericonomic, an OG-level community member who has been deeply involved in the Berachain ecosystem for a long time, published a long article on X, talking about the current situation of Berachain in his eyes. The content covers questions about inflation, private placement selling pressure, ambiguous pledge mechanism, founders’ selling behavior, and a few positive events in the…