Hedera’s HBAR sees $2.46M in spot inflows, sparking a 2% price rise. Yet, bearish indicators suggest a potential reversal amid modest market momentum.
With $2.46 million coming into its markets on Tuesday, Hedera’s HBAR saw its first sizable spot inflows in a decade. As a result, the altcoin’s price increased by 2% on the last day, riding the wave of a broader market recovery.
Nevertheless, evidence indicates that this price increase might not last long, even though the inflow indicates fresh interest in the asset. Technical indicators suggest a possible price drop by indicating that HBAR’s upward momentum is still modest.
Hedera Bears Continue to Have Complete Authority
With $2.46 million in spot inflows today, Hedera HBAR has seen its first significant inflow in over a decade. Spot inflows indicate new money coming into the market through direct asset purchases, which could suggest short-term price momentum and increased investor interest.
The bearish mood, however, still significantly impacts HBAR despite the new inflow and price increase. Its market momentum indicator, the Awesome Oscillator (AO), still shows only red bars on its histogram.
Bearish momentum rises, and bullish pressure decreases as an asset’s AO bars turn red. This suggests that there may be a short-term HBAR price reversal.
This pessimistic perspective is also supported by readings from its Moving Average Convergence Divergence (MACD) indicator. At publication, the token’s signal line (orange) is above its MACD line (blue).
By crossing the MACD line, signal line, and histogram changes, this momentum indicator assists traders in spotting trends, momentum shifts, and possible buy or sell signals. This configuration suggests bearish momentum. This indicates that market participants’ buying activity is outpaced by selloffs, significantly lowering prices.
Will Bulls drive the HBAR price to $0.40?
HBAR may give up its recent gains and fall to $0.26 if negative pressure intensifies. The price of HBAR may drop much lower to $0.24 if the bulls cannot hold this support level.
However, if the bulls regain control of the market and the increase continues, HBAR’s price may surpass $0.33 and rise to $0.40.
