HBAR has experienced a consistent decline, and the price continues to move downward despite traders’ optimism for a potential recovery. The altcoin, which has faced downward pressure in recent weeks, has not yet found a solid support floor.
However, traders remain hopeful that a recovery could be on the horizon, though market conditions remain challenging.
Hedera Traders Are Placing Long Contracts
Currently, HBAR’s funding rate is positive, indicating that long positions are dominating short contracts in the market. This suggests that traders are betting on an eventual rise in HBAR’s price, hoping to profit from the recovery. The positive funding rate typically reflects investor confidence, but the market conditions and recent price action make it difficult for these positions to materialize in profit.
Despite the positive sentiment from long traders, the broader market conditions have not been favorable for HBAR. While traders are still placing bets on a price rise, there is a significant risk of losses if the market continues its downtrend.
The macro momentum for HBAR is influenced by the ADX (Average Directional Index) indicator, which currently shows a strong downtrend. With the ADX well above the 25.0 threshold, the bearish trend is firmly in place and will likely continue. This suggests that HBAR’s price could face additional downward pressure before finding a solid support level.
Although traders are betting on a recovery, the ongoing strength of the downtrend indicated by the ADX raises concerns. Until the momentum shifts or key market conditions change, it remains uncertain when the price will stabilize or turn bullish.
HBAR Price Holds Above Key Support
HBAR is currently trading at $0.184, a 6% drop over the last 48 hours. The altcoin failed to secure the $0.197 support level, which may lead to further declines in the short term. If the bearish trend persists, HBAR could continue sliding, potentially testing lower levels.
The next significant support for HBAR lies at $0.177, a level that has held strong multiple times in the last three months. Should the price drop to this support, it could consolidate around this range, signaling a potential pause in the downtrend. However, this support will need to be held to prevent a deeper decline.
If the market conditions improve, HBAR could see a recovery, with $0.197 flipping into support. A successful breach of $0.222 could further boost the altcoin, invalidating the bearish outlook and signaling a shift toward positive price momentum. However, this scenario depends on stabilizing broader market conditions.
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