HBAR has been in a prolonged period of consolidation, with limited growth over the past couple of months. Its repeated attempts to break the $0.40 resistance level failed, weakening traders’ morale.
This lack of upward momentum has led to increasing market skepticism regarding the token’s short-term performance.
HBAR traders change their minds
The HBAR funding rate recently fell into bearish territory after maintaining positive levels for more than 11 days. This shift indicates that traders have turned bearish as short contracts gain dominance over long positions. The failed breakout attempts caused traders to reevaluate their expectations, resulting in a cautious stance on HBAR.
The growing preference for short contracts indicates growing uncertainty among market participants. This stems from doubts about HBAR’s ability to overcome resistance levels, reinforcing the need for the token to secure stronger support to regain investor confidence.
Despite the bearish sentiment, HBAR’s Relative Strength Index (RSI) remains above the neutral 50.0 mark. This suggests that broader market momentum still favors uptrends, providing a potential buffer against downside pressure. The RSI position highlights that HBAR retains some fundamental strength.
RSI stability can prevent HBAR from experiencing sharp declines, even as bearish signals dominate short-term market sentiment. If the broader cryptocurrency market continues to maintain bullish momentum, HBAR may find support and avoid further consolidation at lower levels.
HBAR Price Prediction: Exit
HBAR is currently trading at $0.33, with the aim of establishing this level as a support floor. Doing so successfully is crucial for the token to challenge the $0.39 resistance level. A break above this resistance level could pave the way for further upward movement.
Mixed market sentiment can play a pivotal role in determining HBAR’s direction. If the token can rise beyond $0.39, it could rise towards $0.47, which would put it closer to its all-time high of $0.57. This scenario will require sustained upward momentum and renewed market confidence.
However, a drop to $0.25 will likely lead to continued HBAR consolidation. Any further decline below this level would invalidate the bullish outlook completely, indicating potential weakness in the long term.
Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
