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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/brief alternate.
Hedera’s [HBAR] week-long value dip broke the earlier greater low and pushed costs under the essential $0.05 assist degree. This delivered income of over 15% to HBAR shorts.
How a lot are 1,10,100 HBARs value right this moment?
The break of the essential assist degree signaled a shift in momentum on the upper timeframes, with a excessive risk of an additional downward transfer. Within the meantime, Bitcoin’s [BTC] sub-$26k value motion may very well be the right alternative for bears to increase their positive aspects.
Bears wipe out July positive aspects
Supply: HBAR/USDT on Buying and selling View
July was a wonderful month for HBAR bulls. Utilizing the $0.05 value degree as a assist, patrons racked up a 50% value pump for HBAR. Nonetheless, the worth rejection on the $0.075 value zone ushered in a wave of sustained promoting strain.
The sharp retracement between 15 August and 17 August eased off with a bullish restoration on 19 August. But, the promoting strain endured with one other value rejection on the $0.067 value zone.
This time sellers maximized the promoting strain, 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] Worth Prediction 2023-24
The bearish bias was on full show within the futures market. The alternate lengthy/brief information from Coinglass confirmed shorts held a 52.54% benefit. This amounted to $3.92 million value of promoting positions as in opposition to $3.54 million value of shopping for positions.
Together with HBAR’s detrimental funding charges, shorts might attain the June lows of $0.04 to $0.045 within the coming days.
