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

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com 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: CoinMarketCapThe 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 negativeIn 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 lineHBAR 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 recoveryWhile 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.Share this articleCategoriesTagsSource link