HBAR Price at Risk of Dropping to July Lows Amid Weak Momentum

Hedera Hashgraph’s native token HBAR has stalled despite the recent market rebound, remaining largely sideways since September 22. 

Market indicators now signal growing bearish pressure, suggesting the token could break below its support level. 

Sideways No More? HBAR Risks Cracking $0.2089 Support 

Readings from the HBAR/USD one-day chart show that the altcoin has trended sideways since September 22, facing resistance near $0.2305 and finding support at $0.2089.

With the growing bearish tilt in broader market sentiment, technical indicators now point to a likelihood of a breach of that support floor in the near term. For example, HBAR’s Relative Strength Index (RSI) continues to fall, and is currently at 43.06 at press time. 

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HBAR RSI. Source: TradingView

An asset’s RSI indicator measures its overbought and oversold market conditions. Its values range between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 43.06, HBAR’s RSI signals weakening momentum. It hovers below the neutral 50 level and suggests that selling pressure could continue to outweigh buying interest. 

Furthermore, readings from HBAR’s Elder-Ray Index confirm this bearish bias. As of this writing, the indicator’s value is at -0.01051.

HBAR Elder-Ray Index. Source: TradingView

The Elder-Ray Index indicator measures the strength of bulls and bears in the market by comparing buying pressure (Bull Power) and selling pressure (Bear Power). 

When the value is positive, the market is experiencing more buying pressure than selling, suggesting a potential uptrend.

However, when the value turns negative, as it has for HBAR, it signals that bearish forces dominate the market.

Will Buyers Hold the Line or Let Bears Drag It to $0.18?

If the bearish trend persists and HBAR breaches the support at $0.2089, it risks revisiting its July low of $0.18405, which could mark the next key support level. 

HBAR Price Analysis. Source: TradingView

Conversely, increasing buyer activity could trigger a rally above its current sideways range and push HBAR’s price to $0.2631.