Hedera (HBAR) has seen a 20% decline in value since January 17, with selling pressure exacerbating its downward trend. The altcoin remains below a descending trendline, signaling a bearish sentiment prevailing in the market.

As the demand for HBAR continues to dwindle, the risk of further price drops looms large. Here's an in-depth analysis:

The downward trajectory of HBAR's price can be observed through a daily chart analysis by BeInCrypto. Trading below a descending trendline that started on January 17, the token is currently priced at $0.31, marking a 20% decrease since the trend began.

A descending trendline, characterized by lower highs in an asset's price movement, signifies a sustained downtrend. Trading below this trendline indicates bearish pressure and a prevalent negative market sentiment.

Analyzing HBAR's Awesome Oscillator (AO) reaffirms the ongoing bearish sentiment. Consistently displaying red histogram bars since January 21, the indicator suggests a strong negative bias surrounding HBAR.

The AO measures market momentum by comparing two SMAs of an asset's price. When the bars are red, it signifies a shift towards bearish momentum, signaling a potential downturn with sellers gaining control.

If selling pressure persists, HBAR faces an 18% decline to reach $0.26. The Fibonacci Retracement tool indicates that failure to hold this support level could push the price down further to $0.22.

However, a positive market sentiment shift might avert this scenario. Increased buying pressure could fuel a price rebound for HBAR, potentially pushing it towards its previous high of $0.40.

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