Hedera traders, brace for HBAR’s 20% price drop ONLY IF…

Key Takeaways

On 29 August, HBARs’ price slipped by 4.75% to $0.2290, with shorts climbing to $2.96 million. A descending triangle threatened a 20% drop though. Can $3.18 million outflows truly offset short dominance?

Hedera [HBAR] has been trading sideways for the last seven days. At the time of writing, its price charts hinted at potential downside in the near term though. In fact, the broader market sentiment has remained weak. Especially since major assets such as Bitcoin [BTC] and Ethereum [ETH] also fell over the last 24 hours.

The negative outlook across the crypto market appeared to influence HBAR, pushing it towards a downside move. On 29 August, HBAR slipped by 4.75% to hit the $0.2290-level.

Despite this notable decline, however, investor and trader participation has continued to rise. These upticks coincided with the trading volume surging by 45% during the same period.

Bears pile in with $3 million in shorts

As Hedera’s price (HBAR) sank, traders doubled down on their bearish bets. For instance – CoinGlass data showed major liquidation levels clustered near $0.2249 and $0.2324.

At these levels, traders appeared to be over-leveraged, with $832k worth of long positions and $2.96 million worth of short positions. This imbalance clearly indicated that bullish strength was lacking, while bears continued to dominate.

Source: CoinGlass