Connect with us
Active Currencies 14908
Market Cap $2,564,202,109,093.90
Bitcoin Share 52.03%
24h Market Cap Change $-1.48

HBAR cracks $0.05 support – what’s next?

2min Read

HBAR’s break of the critical $0.05 support signals a shift in momentum on the higher timeframes, with a high possibility of a further downward move.

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Bears broke the bullish defense of the $0.05 support to flip HBAR bearish.
  • Shorts held a 52.54% advantage on the long/short exchange.

Hedera’s [HBAR] week-long price dip broke the previous higher low and pushed prices below the critical $0.05 support level. This delivered profits of over 15% to HBAR shorts.

How much are 1,10,100 HBARs worth today?

The break of the critical support level signaled a shift in momentum on the higher timeframes, with a high possibility of a further downward move. In the meantime, Bitcoin’s [BTC] sub-$26k price action could be the perfect opportunity for bears to extend their gains.

Bears wipe out July gains

Hedera HBAR price chart on dark background

Source: HBAR/USDT on Trading View

July was an excellent month for HBAR bulls. Using the $0.05 price level as a support, buyers racked up a 50% price pump for HBAR. However, the price rejection at the $0.075 price zone ushered in a wave of sustained selling pressure.

The sharp retracement between 15 August and 17 August eased off with a bullish recovery on 19 August. Yet, the selling pressure persisted with another price rejection at the $0.067 price zone.

This time sellers maximized the selling pressure, sinking HBAR below the $0.05 support – a strong defense for bulls. This led to a break in the previous higher low in early August and signaled a bearish takeover of HBAR’s market structure.

A look at the on-chart indicators hinted at further losses. As of press time, the Relative Strength Index (RSI) dipped aggressively from the overbought zone and hovered just above the oversold zone.

The On Balance Volume (OBV) also extended its sharp decline. Both indicators hinted at a lack of bullish conviction and demand for HBAR.

Sellers ready to push lower

Source: Coinglass

Read Hedera’s [HBAR] Price Prediction 2023-24

The bearish bias was on full display in the futures market. The exchange long/short data from Coinglass showed shorts held a 52.54% advantage. This amounted to $3.92 million worth of selling positions as against $3.54 million worth of buying positions.

Along with HBAR’s negative funding rates, shorts could reach the June lows of $0.04 to $0.045 in the coming days.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.