Hedera Hashgraph (HBAR) has encountered challenges in maintaining its price momentum following a peak at $0.41 in January. Since then, the token has experienced a consistent decline, losing 39% of its value.

The altcoin faces the risk of falling below the crucial $0.20 threshold as short traders exert control over the futures market.

Short traders are currently calling the shots for Hedera, as evidenced by the bearish bias in its futures market. The long/short ratio for HBAR stands at 0.98, indicating a prevailing sentiment among traders that the price will decrease.

Technical indicators further support the bearish outlook, with HBAR trading below its Ichimoku Cloud on the daily chart. This signals weak demand and a downward trend for the token.

Given the current market conditions, it is predicted that HBAR's price could potentially drop to $0.14 if selling pressure persists. However, if bullish sentiment reemerges and demand increases, the price may have the potential to rise to $0.32.