CandleFocus

HBAR Traders Pull $150 Million Out of Futures Even As Price Hints At a New High

HBAR Traders Pull $150 Million Out of Futures Even As Price Hints At a New High
Hedera's native token, HBAR, has experienced a significant drop in value after failing to breach the $0.40 resistance level. This decline has left traders uncertain about the future of the altcoin. The market reaction to this downturn can be seen in the Futures market data, with open interest declining by $150 million, indicating bearish sentiment. HBAR's technical indicators also suggest a strengthening bearish trend, with the RSI dropping to a three-month low. Despite this, HBAR is forming a macro bull flag pattern, which could lead to a substantial rally if it breaks through the $0.40 resistance level. In the short term, the probability of an immediate breakout remains low, and HBAR is expected to consolidate within the $0.25 to $0.40 range. However, a successful breach of the $0.40 resistance could lead to higher price targets.

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