Analysis
HBAR: Will bulls defend $0.0460 support again?
HBAR hits an ideal level for a long position, but bearish pressure looms large.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- HBAR retested the short-term support zone at $0.0460.
- Shorts bets on HBAR increased in the past three days.
Hedera’s [HBAR] short-term retracement hit a crucial support zone of $0.0460 and could attract buyers. However, the recent bearish sentiment still loomed large and could delay a solid rebound.
Read Hedera’s [HBAR] Price Prediction 2023-24
AMBCrypto correctly projected that the previous upswing could falter at the overhead roadblock of $0.0480. However, some shorts were affected after HBAR forayed above the hurdle to $0.0493.
Is another rebound likely at $0.0460 support?
Source: HBAR/USDT on TradingView
On the 4-hour chart, the RSI retreated lower below the 50 mark but showed signs of reversal as exhibited by the uptick. It showed selling pressure spiked in the past few days but eased slightly after HBAR graced the support zone.
The support zone doubled as an H12 bullish order block (OB) of $0.0450 – $0.0463 (cyan). Thus, HBAR could front a bullish defense of the support zone. If so, HBAR could rebound to $0.0480 again.
But the Spot market demand dipped, as shown by the drop in OBV, and could complicate near-term bullish efforts.
The Futures market flashed bearish signals
Source: Coinalyze
Apart from negative Spot market demand, the Futures market’s negative signals suggested a delay to a possible bullish reversal. Notably, the derivatives market sentiment was negative, as shown by the negative funding rates.
In addition, the Open Interest rates dropped from >$14 million to $12 million, underscoring a decline in demand for HBAR in the Futures market.
How much are 1,10,100 HBARs worth today?
The downsloping CVD (Cumulative Volume Delta) also showed sellers still had a market edge as of press time.
As such, a delay of a bullish reversal at the $0.0460 support zone was likely, or sellers could attempt to crack below it. So, tracking Bitcoin [BTC] price action is crucial for more optimized trade setups.
