Hedera Hashgraph’s native token HBAR has stalled despite the recent market rally and has remained nearly flat since September 22nd.
Market indicators are currently showing increasing bearish pressure, suggesting that the token may fall below support levels.
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Is it no longer horizontal? HBAR Risk Cracking $0.2089 Support
HBAR/USD daily chart readings show that the altcoin has been trending sideways since September 22nd, facing resistance near $0.2305 and support at $0.2089.
Technical indicators are currently pointing to a possible breakout of the support floor in the near term as broad market sentiment becomes more bearish. For example, HBAR’s Relative Strength Index (RSI) continues to decline and currently stands at 43.06 at the time of this writing.
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The RSI indicator for an asset measures overbought and oversold market conditions. Its value ranges from 0 to 100. Values above 70 indicate that the asset is overbought and there is a period of price decline. On the other hand, a value below 30 indicates that the asset is oversold and could bounce back.
At 43.06, the HBAR RSI is indicating weakening momentum. It remains below the neutral 50 level, suggesting that selling pressure may continue to outweigh buying interest.
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Additionally, measurements from HBAR’s Elder Ray index support this bearish bias. At the time of writing this article, the value of the indicator is -0.01051.
The Elder Ray Index indicator measures the strength of market bulls and bears by comparing buying pressure (bull power) and selling pressure (bear power).
If the value is positive, there is more buying pressure than selling pressure in the market, indicating a potential uptrend.
However, when the value goes negative, like HBAR, it indicates that bears are controlling the market.
Will buyers hold this line or allow the bears to pull the price to $0.18?
If the bearish trend continues and HBAR breaks through the support at $0.2089, there is a risk of revisiting the July lows at $0.18405, which could be the next important support level.
Conversely, increased buyer activity could cause a rally beyond the current sideways range and push HBAR price to $0.2631.
