In the past 24 hours, HBAR has experienced a slight decline, reflecting an increase in bearish sentiment among investors. The token is currently trading lower, struggling to maintain the gains achieved recently. This downward trend raises concerns about a potential bearish chart pattern forming, indicating that selling pressure may continue to mount, particularly among short-term holders.
A significant development is the reduced correlation between HBAR and Bitcoin, now at a low of 0.26. This marks the lowest correlation observed in almost two months and suggests that HBAR is becoming less dependent on Bitcoin’s price movements. While this shift may imply that HBAR could evade losses if Bitcoin’s price falls, it also means that any recovery in Bitcoin may not provide substantial upward momentum for HBAR. The diminished correlation suggests that, in times of market strength, HBAR’s performance will increasingly rely on the specific demand associated with its project.
Investor sentiment towards HBAR continues to be predominantly bearish, as indicated by macro indicators. The weighted sentiment metric remains in negative territory, reflecting a lack of confidence among participants. This caution can lead to diminished buy-side support during periods of price weakness, leaving HBAR vulnerable to additional corrections. Without a boost in investor confidence, the token may remain at risk of further declines.
Current projections suggest that HBAR’s price could drop by approximately 5%, targeting around $0.102. This forecast is based on a double-top pattern identified earlier last month, which typically indicates trend exhaustion and precedes a corrective phase. The token has already fallen below a critical neckline, with current trading near $0.107. A short-term support level at $0.106 managed to prompt a brief rebound; however, prevailing market conditions indicate the possibility of another decline toward the target level of $0.102.
To invalidate the bearish outlook, HBAR would need to demonstrate a decisive recovery by reclaiming $0.109 as a support level. A sustained bounce from this level, followed by movement toward $0.113, could indicate renewed strength and signal a short-term trend reversal. As the market evolves, HBAR’s price will depend significantly on investor sentiment and the broader market’s dynamics.
