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'Death Cross' the second in 6 weeks puts HBAR price at risk of falling deeper
HBAR, the native cryptocurrency of the Hedera network, has recently experienced a sharp decline, extending the bearish trend that has emerged over the past few weeks.
This is a challenging phase for this currency, as signs indicating the potential for continued losses in the near future become increasingly clear.
HBAR has yet to escape the bearish trend
One of the most notable technical indicators for HBAR traders today is the formation of the Death Cross at the end of May. This is the second time in six weeks that HBAR has seen this bearish pattern. The Death Cross occurs when the 200-day EMA crosses above the 50-day EMA, signaling the potential for prices to continue to fall.
This crossover occurs just after HBAR formed a Golden Cross in the second half of May – a bullish pattern that lasted just over two weeks before reversing. With the latest Death Cross pattern, the price of HBAR is currently facing the risk of a strong correction, continuing to increase bearish pressure on this altcoin.
The liquidation map of HBAR shows the macro momentum of this currency, while warning traders about potential risks if the downtrend persists. If HBAR cannot maintain the current support level at $0.163, it could trigger an additional $11.5 million in liquidations, creating strong bearish pressure.
This liquidation pressure will increase if the price continues to fall, causing traders who expect HBAR's recovery to suffer further losses. The current market sentiment shows a lack of support from strong buying forces, which makes the downtrend possible to last unless there is a sudden change.
As of the time of writing, HBAR is trading at $0.171, trying to recover after a bearish fall of 18% from last week. To reverse the downtrend, HBAR needs to hold the $0.2 level as a support. However, current technical factors still indicate that the likelihood of a bearish trend remains greater.
If HBAR fails to break through the $0.172 level, it is highly likely that it will only consolidate around the $0.163 support level. If this support level is broken, HBAR could continue to decline to $0.154, increasing selling pressure and triggering further liquidations.
Annie