Market update on HBAR: Technical warning signs ahead.
Hedera (HBAR) is currently trading at $0.1350, down 55% from the peak in August, with some concerning technical indicators:
1. Chart pattern warning: A head and shoulders pattern has formed on the daily chart, with prices dangerously oscillating near the support neckline of $0.1266.
2. Technical warning signs:
- Death cross forming as the 50-day and 200-day EMA intersect (10/19).
- Price below the Supertrend indicator.
- RSI is declining, indicating weakening momentum.
3. ETF interest cools down: Inflows into the HBAR ETF have slowed significantly, with the HBAR Canary ETF seeing weekly inflows drop to just $1.78 million from $4.2 million previously.
4. Concerns about the ecosystem: The DeFi ecosystem of Hedera shows signs of stagnation with TVL down 20% in 30 days and the supply of stablecoins halved since November.
Technical setup indicates potential further downside, with analysts pointing to the possibility of a move towards $0.052 if the neckline is broken.
Content is for reference and discussion only, not investment advice.