The cryptocurrency HBAR has experienced significant fluctuations in recent weeks, currently down nearly 31% over the past month. Despite a robust rebound of 27% from November 21 to November 23, the momentum has stalled. As of now, the token has traded within a narrow range, oscillating between approximately $0.151 and $0.140 for the better part of a week, raising concerns about its next move.
Analytical indicators suggest that the upcoming break from this tight trading range may not favor bullish momentum. The Relative Strength Index (RSI), which gauges the strength of price movements, exhibits a worrying divergence. Following the rebound, the price formed a lower high, while the RSI recorded a higher high, creating what is known as hidden bearish divergence. This pattern often signals that the downtrend may persist, strengthening the case for caution among traders.
Moreover, the On-Balance Volume (OBV), a metric used to determine buying and selling pressure, reinforces this bearish outlook. The OBV has remained under a downward trendline, indicating that sellers currently dominate the market. In the period between November 25 and November 28, while HBAR’s price reflected a slight higher low, the OBV showed a lower low. This dissonance suggests that buyer interest is waning, complicating the token’s recovery efforts.
The tight price range of $0.151 and $0.140 signifies a critical juncture. A breakdown below $0.140 could trigger a move toward the next significant support level at $0.122, erasing any remnants of the recent weekly gains. Conversely, for the bearish scenario to be negated, buyer strength must re-emerge, compelling the OBV to breach its descending trendline and HBAR to rise above $0.151—a level it has not successfully surpassed since November 16.
In summary, HBAR finds itself at a precarious point. With declining momentum and weakening buyer pressure, its price trajectory appears vulnerable. The outcome of the current trading range could have substantial implications, particularly if the broader market experiences further downturns. Traders and analysts alike are keenly observing these developments, as the next decisive move may be imminent once the $0.140 support level is tested.
