Hedera Hashgraph's HBAR is feeling the pressure of the current market downturn, losing 10% of its value in the last 24 hours and now trading at $0.22.

This significant drop has triggered a wave of short positions in the HBAR futures market as traders brace for more declines.

Short sellers have taken charge, with BeInCrypto’s analysis of HBAR's long/short ratio pointing towards a prevailing bearish sentiment in the futures market, standing at 0.96.

The long/short ratio, which compares long positions (anticipating price increase) to short positions (anticipating price decrease), provides insights into market sentiment. A ratio below 1, as seen with HBAR, signals a strong bearish outlook and hints at further price drops.

Technical indicators, such as the Chaikin Money Flow (CMF), are also reflecting the selling pressure in the HBAR spot markets, with the indicator currently below zero at -0.08, indicating a downward trend.

The CMF, which gauges money flows in and out of an asset, underscores the bearish momentum with sellers driving the market downwards, potentially pushing HBAR's price lower in the near term.

For HBAR's price prediction, the token is currently battling resistance at $0.24, with the bearish bias likely pushing its value down. A drop below $0.20 support could pave the way for further decline to $0.16.

However, in a positive scenario with renewed bullish momentum, HBAR might challenge the $0.24 resistance and target $0.28 for a potential rally.