The sentiment was bearish in the past week as the chart was dominated by the sellers. The spot CVD was in a steady decline showing steady sell pressure.
At press time, HBAR was on its way downward to a demand zone at $0.052. Even a strong Bitcoin [BTC] rally wasn’t enough to set up short-term bullish enthusiasm. Do the buyers have enough strength to hold on to the $0.05 support?Source: HBAR/USDT on TradingView
The $0.04 area represented a bullish order block from the 1-week timeframe, while the $0.052 area was an order block from the 1-day chart. At $0.07 was a bearish order block that HBAR bulls faced rejection on 15 August. On 17 August, the price dipped to $0.0525 before bouncing to retest the supply zone at $0.07. Therefore, it was possible that HBAR would trade within a range that extended from $0.0525 to $0.0695.
The RSI showed bearish momentum was beginning to take hold. The OBV saw a minor pullback in the past two weeks, but was on a strong uptrend. This signaled demand behind Hedera since June, and that another bounce from the $0.05 region was likely. The market structure of Hedera was bearish on the 4-hour chart. Moreover, the $0.054-$0.056 region has been an important support since 7 August, but HBAR appeared to have flipped it to a resistance zone.Analysis of the sentiment in the lower timeframes showed that the past few days were dominated by the sellers. The spot CVD was in a steady decline and noted no significant influx of capital in the spot market.Traders can wait for a retest of the $0.05-$0.
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