HBAR has experienced considerable volatility over the past month, struggling to recover recent losses and break the month-and-a-half-long downtrend.
Altcoin is at the precipice, bathed in trader optimism for a possible breakout. But the looming shadow is failure: a failure to go through with the key resistance can send the price into the abyss.
HBAR Traders Are Bullish
All month long, HBAR bulls have been bullish! Funding rates remain positive all throughout, showing just how much long positions are being churned out of this market – a clear sign of traders placing their bets.
“The bullish camp is very hopeful of a comeback for Hedera. The smart money is flooding into HBAR. And so, traders aren’t just hoping for a recovery of prices; they are positioning themselves to reap profits from the anticipated surge. Such unwavering optimism clearly indicates: The market stands to consider HBAR’s current dip as a temporary one and not a permanent decline.”
Since the beginning of the trend, altcoins have avoided bearish positioning despite strong market trends, which demonstrates that the idea that altcoins signal a bullish behalf.
HBAR Funding Rate. Source: Coinglass
HBAR shorts, watch out for the Icarus effect! $38 million of leveraged positions could be up in flames. The liquidation map depicts an ominous scenario: destroy the downtrend, pierce through the $0.163 level, and watch those shorts go up in flames.
This would have a significant impact on the market, potentially fueling further buying momentum.
High-stakes chicken match for short-sellers! The short bets for the stock are on the brink of being tested. A munition release past heavy resistance could have every trader scrambling out and then triggering buying, setting the price soaring.
HBAR Liquidation Map. Source: Coinglass
HBAR Price Is Awaiting A Boost
HBAR presently trading at $0.148 is coiled like one end of a spring. The bulls have their sights on $0.154, a stubborn barrier that can set off the big move. Once this resistance gives out, the downtrend that has gripped it for so long would be smashed, and a rally might have been triggered.
A successful push past this level would be a key milestone in HBAR’s recovery.
Almost prepared for a potential surge in HBAR. Bulls are looking for a run up to $0.163, but there is first the need to break through $0.154 and hold it as solid support. Breaking through is likely to cause a cascade effect where shorts get liquidated and a strong rally takes hold.
This could help HBAR gain momentum and recover from its recent downtrend.
HBAR Price Analysis. Source: TradingView
The thing to truly watch out for here is that in event of a market downturn gripping by the crypto sphere, HBAR would plunge to $0.139. While any piercing through the crucial stop-loss would indeed mean a serious peril, the price might then cascade downwards to a very chilling $0.133.
Such a decline would invalidate the bullish thesis and shift the market outlook back toward the bears.
Thanks for reading Hedera (HBAR) Price Action Could Lead to $38 Million in Losses
