Analysts warn the current price of $0.31 for HBAR might keep sliding further downwards. The Awesome Oscillator (AO) is a momentum indicator that has had red bars since January 21st. This suggests that sellers are in control and market sentiment remains negative.
A descending trendline forms when an asset consistently hits lower highs, showing a prolonged downtrend. Trading below this line indicates ongoing weakness in price action. If selling pressure persists, HBAR could see an 18% drop, bringing its value down to $0.26.
Additional selloffs could plunge the token further down, the next key support being at $0.22. However, this might quickly change if some sudden increase in buying pressure kicks in. An increase in demand could see HBAR rebound towards its multi-year high of $0.40.
For now, traders remain cautious as altcoin struggles to find support in a weakening market.
