Hedera (HBAR) is grappling with a persistent two-month downtrend, with price movements weakening despite earlier recovery attempts.
The altcoin tried to break out but couldn’t sustain any upward momentum. Currently, investor caution is rising as bullish sentiment diminishes, leaving HBAR susceptible to further declines.
Hedera Loses Bullish Strength
The squeeze release momentum indicator previously pointed to a bullish push for HBAR, resulting in a brief price lift. However, this strength is diminishing, indicating that the altcoin lacks the necessary momentum to reverse the prevailing trend. Without new inflows, HBAR could be at risk in the short term.
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Concerns mount as the fading squeeze release suggests that investors might be losing faith in Hedera’s capability to maintain upward movement. This shift could deter speculative buyers and leave the asset more vulnerable to selling pressure, intensifying the bearish trend already underway.
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On a broader scale, the relative strength index (RSI) is moving towards the neutral 50.0 mark, indicating a decline in bullish control. A fall below this level would signal bearish conditions for HBAR, potentially leading to intensified selling.
If market conditions remain unfavorable, the RSI could sink further into negative territory, increasing investor skepticism. Such movements often indicate momentum exhaustion, leaving little chance for near-term recovery.
HBAR price is currently under bearish pressure, trading at $0.237. The extended two-month downtrend raises the likelihood of further decline, with the token possibly dropping to $0.230 if weakness continues.
The absence of sufficient strength makes it improbable for Hedera to surpass $0.248 in the near term. Without a significant reversal, HBAR may remain constrained below $0.242, oscillating within a narrow range that favors downside risks over recovery.
However, an improvement in overall market conditions could significantly change this trend. If HBAR converts $0.242 into support, it may rise towards $0.248 or higher. This would nullify the bearish outlook and reopen the possibility for a stronger rebound.
