Hedera's cryptocurrency token, HBAR, is experiencing increased bearish pressure as evident by over $10 million in asset outflows within three days. This trend is compounded by the emergence of a "death cross" pattern on the daily chart, indicating a negative outlook and a potential further decline in the short term.

Coinglass data reveals that HBAR has experienced significant spot outflows totaling $11.21 million over the past three days, highlighting a prevailing negative sentiment towards the altcoin. These outflows signal decreasing demand for the asset, potentially leading to price decreases as more holders sell their coins.

The consistent outflows from HBAR's spot markets since April reflect growing uncertainty and a shift in market sentiment as investors seek to liquidate their positions. The recent appearance of a "death cross" on the HBAR/USD one-day chart on Tuesday signifies a shift from bullish to bearish sentiment. This bearish pattern occurs when an asset's 50-day moving average crosses below the 200-day moving average, prompting traders to consider short positions over long ones.

HBAR's Relative Strength Index (RSI) stands at 42.22, indicating diminishing demand and continuous selling pressure on the altcoin. If the current trend persists, HBAR's value could drop to $0.11, a level not seen since November, although a bullish reversal could potentially drive the price up to $0.17.