Hedera Hashgraph’s native token HBAR has stagnated despite the recent market recovery, remaining mostly horizontal since September 22.
Market indicators are now pointing to increasing bearish pressure, hinting that the token may breach its support level.
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Sideways No More? HBAR Risks Cracking $0.2089 Support
Charts for HBAR/USD reveal that the altcoin has been moving sideways since September 22, encountering resistance around $0.2305 while finding support at $0.2089.
As broader market sentiment shifts toward bearishness, technical indicators are increasingly suggesting a possible break below that support level soon. HBAR’s Relative Strength Index (RSI) is on the decline, currently standing at 43.06.
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The RSI indicator assesses an asset’s overbought and oversold conditions, with values ranging from 0 to 100. Readings above 70 indicate overbought conditions, signaling a decline, while those below 30 suggest oversold conditions and a potential rebound.
At 43.06, HBAR’s RSI indicates diminishing momentum. It remains below the neutral 50 level, suggesting that selling pressure persists over buying interest.
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Moreover, the Elder-Ray Index readings for HBAR corroborate this bearish sentiment, with the indicator currently at -0.01051.
The Elder-Ray Index gauges market strength by comparing Bull Power (buying pressure) and Bear Power (selling pressure).
A positive index value indicates more buying pressure, suggesting an upward trend.
Conversely, a negative value, as seen with HBAR, reveals that bearish forces are dominating the market.
Will Buyers Hold the Line or Let Bears Drag It to $0.18?
If the bearish trend continues and HBAR breaks the $0.2089 support level, it risks revisiting its July low of $0.18405, which could become the next critical support level.
On the other hand, an uptick in buyer activity could lead to a rally above the current sideways range, potentially pushing HBAR’s price to $0.2631.
