HBAR Price Prediction: The Native Cryptocurrency of the Hedera Hashgraph Network Risks Plunging to an Eight-Month Low

HBAR, the native cryptocurrency of the Hedera Hashgraph network, has witnessed a 31% price decline in the past seven days.

Hedera (HBAR) is facing immense selling pressure, evident in its 31% price drop over the last seven days. If the market downtrend persists, the altcoin risks plummeting to an eight-month low.

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Hedera Bears Dominate Market

A look at Hedera’s Aroon Indicator reveals the strength of its price decline. At press time, the altcoin’s Aroon Down Line (blue) is at 100%.

An asset’s Aroon Indicator gauges its trend strength and pinpoints potential price reversal points. When the Down Line is at 100, it signifies a strong downtrend and that the most recent low was reached relatively recently. This is a bearish signal, suggesting that sellers are in control and the price may continue to fall.

On the other hand, HBAR’s Aroon Up Line is at 0% as of writing. This suggests weak attempts to initiate an uptrend and that the coin’s most recent high was reached long ago.

Moreover, the decline in HBAR’s spot price has adversely affected activity in its derivatives market. The coin’s futures open interest has been steadily decreasing since it rallied to a year-to-date peak of $147 million on April 25.

At $38 million at press time, the altcoin’s futures open interest has fallen by 27% in the last month alone.

An asset’s futures open interest gauges the total number of outstanding futures that have not been settled. When it declines, more traders are exiting their positions without opening new ones. This is a bearish signal, highlighting a decline in activity in an asset’s derivatives market.

HBAR Price Prediction: More Losses Ahead

At press time, HBAR trades at $0.069. Its Chaikin Money Flow (CMF) is negative, suggesting a possible decline below the $0.06 price territory.

This indicator measures money flow into and out of an asset’s market. A negative CMF value signals market weakness and liquidity exit, indicating that the asset’s price will continue to drop.

If this happens, readings from HBAR’s Fibonacci retracement show that the coin’s value may drop to $0.057.

However, if buying activity witnesses a resurgence, the coin’s value may rally to $0.070.

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