- HBAR price has been stuck moving within a falling channel since May.
- CMF moved to the positive zone, indicating a fresh inflow in the market.
- The funding rate is also positive, signaling the demand for long contracts.
Hedera (HBAR) price has been eroding gains within a declining channel. It formed a triple bottom pattern around the $0.04600 mark.
HBAR seeks support from the broader market cues and investors to break free from the ongoing downtrend. This could happen if the HBAR price crosses the prompt barrier of $0.05200.
While the broader market cues have been supporting a rise, altcoin has struggled to cross the 20-day EMA mark. However, the investors have looked optimistic, as the weighted sentiment data turned positive. This significant surge signified the positive sentiment among the market participants.
HBAR price was trading at $0.04947, noting an intraday rise of over 1.30%. It boasted a market cap of $1.86 Billion and ranked 48th among the top 100 crypto coins.
Hedera Price Prediction: Can HBAR Trigger a Comeback?
The HBAR crypto price traded around the critical demand zone of $0.04700 – $0.04500. Amidst the lack of volume traction, the HBAR price remained sideways below the 20-day EMA mark and failed to generate upward thrust.
Despite the significant price correction over the past weeks, on-chain analysis indicated relief could be just around the corner.
In a recent tweet, dudebruhwhoa said HBAR crypto has formed a triple bottom. If the broader market cues and BTC price gain momentum, HBAR price may see a bullish reversal ahead.
Per the Fib retracement levels, the HBAR has to cross the 38.2% hurdle of $0.05340 to unlock further upside ahead. The Relative Strength Index (RSI) line stayed below the midline region, pointing toward a weak chart structure.
Also, the Moving Average Convergence Divergence (MACD) indicator indicated the red histogram bars. This conveyed the bearish momentum.
However, the Chaikin Money Flow (CMF) indicator tells something different. It revealed rising inflows in the market. That may trigger a bullish reversal soon.
The price action indicated a lower low series. It conveyed that sellers have persisted in showcasing their dominance. They are now eyeing to breach the demand zone of $0.04500.
The HBAR crypto price may successfully rebound and climb above the 20-day EMA mark. If this happens, the coming sessions may see a short covering move toward $0.05300.
What Do On-Chain Data Indicate?
The HBAR’s Sharpe ratio recovered from the negative region. It moved closer to the midline region for the last two weeks.
Currently, the Sharpe Ratio value stays around -1.06. Buying HBAR crypto implies a better risk-to-reward ratio for upcoming sessions.
The OI-weighted funding rate stayed positive at around 0.0120% at press time. It conveyed a significant demand for extended contracts.
Moreover, the Open Interest (OI) has risen over 4.55% to $39.63 Million. That resembled the long buildup activity over the past 24 hours.
The immediate support zones for HBAR crypto were $0.04840 and $0.04700. At the same time, the upside hurdles were $0.05200 and $0.05500.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.