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- Bears broke the bullish protection of the $0.05 assist to flip HBAR bearish.
- Shorts held a 52.54% benefit on the lengthy/quick alternate.
Hedera’s [HBAR] week-long worth dip broke the earlier greater low and pushed costs under the crucial $0.05 assist degree. This delivered earnings of over 15% to HBAR shorts.
How a lot are 1,10,100 HBARs price right now?
The break of the crucial assist degree signaled a shift in momentum on the upper timeframes, with a excessive chance of an extra downward transfer. Within the meantime, Bitcoin’s [BTC] sub-$26k worth motion might be the proper alternative for bears to increase their features.
Bears wipe out July features
Supply: HBAR/USDT on Buying and selling View
July was a superb month for HBAR bulls. Utilizing the $0.05 worth degree as a assist, patrons racked up a 50% worth pump for HBAR. Nonetheless, the value rejection on the $0.075 worth zone ushered in a wave of sustained promoting stress.
The sharp retracement between 15 August and 17 August eased off with a bullish restoration on 19 August. But, the promoting stress continued with one other worth rejection on the $0.067 worth zone.
This time sellers maximized the promoting stress, sinking HBAR under the $0.05 assist – a robust protection for bulls. This led to a break within the earlier greater low in early August and signaled a bearish takeover of HBAR’s market construction.
A take a look at the on-chart indicators hinted at additional losses. As of press time, the Relative Power Index (RSI) dipped aggressively from the overbought zone and hovered simply above the oversold zone.
The On Steadiness Quantity (OBV) additionally prolonged its sharp decline. Each indicators hinted at a scarcity of bullish conviction and demand for HBAR.
Sellers able to push decrease
Supply: Coinglass
Learn Hedera’s [HBAR] Value Prediction 2023-24
The bearish bias was on full show within the futures market. The alternate lengthy/quick knowledge from Coinglass confirmed shorts held a 52.54% benefit. This amounted to $3.92 million price of promoting positions as towards $3.54 million price of shopping for positions.
Together with HBAR’s unfavorable funding charges, shorts might attain the June lows of $0.04 to $0.045 within the coming days.
