The price of HBAR has been on a downward trend since reaching its year-to-date (YTD) high of $0.40 on January 17. The altcoin has now dropped to $0.19, indicating a 52% decline as bearish pressure continues to dominate the market.
Technical indicators suggest that the decline may not be over yet, as selling pressure remains high.
HBAR price problems persist with no signs of improvement
The ongoing decline in the RSI for HBAR confirms increased selling pressure among immediate traders. As of this report, it stands at 40.62.
The RSI measures overbought and oversold market conditions for the asset. It ranges from 0 to 100, with values above 70 indicating that the asset is overbought and may need a correction.
Conversely, RSI values below 30 indicate that the asset is oversold and may be ready for a rebound.
The RSI value of 40.62 indicates that HBAR is in a bearish zone but has not yet been oversold. This suggests that selling pressure is stronger than buying momentum, but there is still room for further decline before the token becomes undervalued.
Additionally, Elder-Ray index readings for HBAR support the bearish outlook. It currently stands at -0.02, indicating its seventh consecutive day in the negative zone.
The Elder-Ray index measures the balance of power between bulls and bears by analyzing the strength of buyers (bull strength) and sellers (bear strength).
When the indicator is negative, it indicates that sellers are in control, driving prices down and signaling a bearish trend. The ongoing negative Elder-Ray index for HBAR indicates sustained bearish pressure, making price recovery less likely in the short term.
Bears dominate HBAR with the descending channel signaling further losses
Since reaching its year-to-date high of $0.40, HBAR has traded within a descending parallel channel, confirming the price decline.
This bearish pattern forms when the price of the asset moves between two parallel downward sloping trend lines, indicating a sustained bearish trend. It suggests that sellers of HBAR are in control, which may further lower its price.
If demand weakens further, HBAR could drop towards the support formed at $0.16, a low it last reached in November.
However, a positive shift in market sentiment could prevent that. If HBAR sees an increase in new demand, it could push its price to $0.24.
