HBAR Short Sellers Take Control as HBAR Price Prediction Turns Bearish, Targeting $0.16

Hedera Hasgraph's HBAR has been caught in the broader market downtrend, shedding 10% of its value in the past 24 hours. At press time, the altcoin trades at $0.22.

Hedera Hashgraph’s native token, HBAR, has seen a 10% decline over the last 24 hours, bringing its price down to $0.22 at press time. This sharp drop has triggered a surge in short positions within the HBAR futures market.

BeInCrypto’s analysis of HBAR’s long/short ratio in its futures market reveals a bearish bias. This ratio currently sits at 0.96, indicating that there are fewer long positions than short ones in the futures market.

An asset’s long/short ratio compares the number of its long positions (bets that the price will rise) to short ones (bets that the price will fall) in the market. When the ratio is above 1, there are more long than short positions, indicating that traders are predominantly betting on a price increase.

On the other hand, a ratio below one, like HBAR’s, suggests that traders are largely betting on a price decline. This signals a strong bearish sentiment in the market, reinforcing expectations of further downside.

Moreover, readings from technical indicators, such as the Chaikin Money Flow (CMF), highlight the selling activity within HBAR’s spot markets. This momentum indicator is currently in negative territory, at -0.08, and trending downwards at press time.

The CMF indicator measures money flows into and out of an asset. When it returns a value below zero, the market is dominated by sellers distributing their holdings, putting significant downward pressure on the asset. This suggests that HBAR is likely to continue its price decline in the short term as selloffs strengthen.

HBAR Price Prediction: Bearish Momentum Could Push Token to $0.16

HBAR is currently trading at $0.22 and faces resistance at the $0.24 level. Given the bearish momentum against the altcoin, its value will probably continue to drop. In that scenario, HBAR risks falling to support at $0.20.

A break below this level could lead to a further decline to $0.16.

On the other hand, if bullish momentum returns to the market, HBAR could initiate a rally above the $0.24 resistance. If it breaches this level, it could climb further to $0.28.