HBAR price dips 3.4% as RSI and BoP indicators point to increased selling pressure

RSI stands at 44.62. Balance of Power indicator returns a negative reading of -0.23. Next key support is at $0.150; resistance stands at $0.185. Hedera’s native token, HBAR is showing signs of intensifying bearish momentum, as technical indicators like the Relative Strength Index (RSI) and Balance of Power (BoP) suggest a growing dominance of sellers in the market. The token’s price has dropped 3.4% in the past week, now trading at $0.1703, down from its April high of $0.1747. This slide has left HBAR struggling to stay above key support levels, with the RSI reading at a concerning 44.62 on the one-day chart. Source: CoinMarketCap The RSI, a key momentum indicator used to assess whether a cryptocurrency is overbought or oversold, operates on a scale from 0 to 100. An RSI value below 50 typically reflects weakening price momentum. In HBAR’s case, its RSI falling below the neutral 50 mark and trending downwards signals mounting selling pressure. Unless there is a strong upward move, the current trend may reinforce further declines. Balance of power reading turns negative In addition to the RSI, HBAR’s Balance of Power indicator has turned negative, with a reading of -0.23 as of the latest data. The BoP compares the relative strength of buyers and sellers over a defined time frame. A negative BoP reading means that sellers are currently more dominant, potentially weighing further on HBAR’s price in the coming days. When BoP remains in negative territory during a downtrend, it reflects continued bearish sentiment across the market. Combined with HBAR’s underperformance across other indicators, this suggests buyers are currently sidelined and may require a strong trigger, such as a market-wide rally or major development on the Hedera network, to regain momentum. Price trades below the key trend line HBAR has also fallen below a descending trend line, reinforcing the bearish setup. A descending trend line is drawn by connecting lower highs over a period, indicating consistent downward pressure on price. If HBAR fails to breach this line to the upside, the trend may remain in place. This formation has kept the token locked in a downward channel for several weeks. As long as price action remains below the trend line, technical traders may view this as a signal to sell or short the asset. Should the decline continue, the next key support level lies near $0.150. A breakdown below this level could pave the way for further losses unless strong demand re-emerges. What HBAR needs for recovery While the technical picture remains weak, a few factors could help shift momentum in HBAR’s favour. A break above the descending trend line, if accompanied by increased volume, could initiate a reversal and allow the token to target a recovery toward $0.185. This level represents a key resistance area, previously tested in late April. For that to happen, however, HBAR needs to see renewed investor interest, either from positive developments in the Hedera ecosystem or a broader recovery in the altcoin market. Without a meaningful catalyst, the token’s momentum indicators continue to suggest bearish conditions in the short term. Source: https://coinjournal.net/news/hbar-price-dips-3-4-as-rsi-and-bop-indicators-point-to-increased-selling-pressure/