Hedera's HBAR token is facing significant bearish pressure as technical analysis reveals a descending triangle pattern that could trigger a 20% price decline if key support levels fail. On August 29th, HBAR slipped 4.75% to $0.2290, with trading volume surging 45% during the same period, indicating heightened market activity.
Technical indicators paint a concerning picture: The descending triangle pattern has retested the critical $0.226 support level more than six times, and a daily close below $0.223 could trigger a drop toward the $0.18 zone. Despite the bearish outlook, the Supertrend Indicator remains green below HBAR's price, suggesting a lingering uptrend possibility, while the RSI stands at 43.80, indicating the token is neither overbought nor oversold.
Market dynamics show bearish dominance: CoinGlass data reveals $2.96 million in short positions compared to only $832k in long positions, with major liquidation levels clustered near $0.2249 and $0.2324. The most intense selling occurred between 06:00 and 09:00 UTC on August 29th, when over 277 million tokens changed hands, pushing prices through the $0.235 support level.
Potential bullish signals emerge: Despite the negative sentiment, $3.18 million worth of HBAR left exchanges, suggesting possible accumulation that might slow further downside. Additionally, the recent CFTC guidance allowing U.S. traders access to offshore crypto markets could eventually provide fresh liquidity pipelines for mid-cap tokens like HBAR.