HBAR has been on a downward trend since mid-January, struggling to bounce back amidst market pressures.
Despite finding some support at $0.20, both market conditions and technical indicators point towards a challenging road ahead for HBAR.
The ADX (Average Directional Index) has been steadily climbing and is now at 44, well above the 25.0 mark, signaling a strengthening downtrend for HBAR. This upward movement indicates a likelihood of further declines if the current trend persists, potentially leading to extended losses for investors.
Market sentiment remains subdued for HBAR as the altcoin battles to hold above crucial support levels, reflecting a lack of confidence in a robust recovery. The rising ADX suggests a continuation of the downtrend, hindering any potential upswing for the altcoin.
Furthermore, HBAR's overall market momentum appears bearish, with the RSI (Relative Strength Index) nearing the oversold territory, indicating predominantly negative market sentiment. Though traditionally an RSI below 30.0 might hint at a reversal, historical data implies that this may not always result in a quick turnaround.
Despite hovering in the oversold region, HBAR's current state does not guarantee an imminent recovery. While a sub-30.0 RSI usually indicates overselling, past trends suggest that rapid rebounds are not guaranteed. This uncertainty casts doubt on whether HBAR can rally in the short term or if further losses lie ahead.
Presently trading at $0.20, HBAR is holding above the $0.19 support level after a notable decline from $0.37 over the past six weeks. A failure to sustain the $0.19 mark could lead to a test of lower levels, potentially revisiting the key support at $0.17.
Considering the technical indicators and prevailing negative sentiment, HBAR faces a heightened risk of further descent. A breach of the $0.19 support might push the altcoin towards $0.17, extending losses and painting a bleaker picture for investors.
Nevertheless, a breakthrough in the current downtrend and a successful breach of $0.22 could signal a turning point for HBAR. Establishing $0.22 as a solid support level could indicate a potential recovery phase, challenging the prevailing bearish outlook.