Hedera Hashgraph (HBAR) is rising slightly today as large investors are investing in the asset, boosting the market’s sentiment after a series of price drops. Analysts are cautiously optimistic on the matter, suggesting that the actions of the ETF and the trading levels could influence the asset’s chances of recovery.
At the time of writing, Hedera Hashgraph (HBAR) is trading at $0.1084, with a 24-hour trading volume of $294.32 million and a market capitalization of $4.64 billion.
The HBAR has increased 0.31% over the last 24 hours, reflecting a relatively stable trading day amid broader market fluctuations. Data sourced from CoinMarketCap.
Hedera Hashgraph Slides After Bearish Alert
Crypto analyst CryptoPulse pointed to the recent price movements of HBAR, noting that on January 8th, a bearish trend alert was issued for the altcoin. In the alert, CryptoPulse stated that HBAR was likely to fall if the token did not rise above the resistance zone of $0.124 to $0.135.
Since that time, the token has fallen about 11%, prompting advice that Investors should take partial profits and adjust their stop loss levels to break-even points.
HBAR ETF Inflows Surge $3.31 Million
Institutional investment seems to be favoring the future outlook for HBAR. According to an analysis by ALLINCRYPTO, a cryptocurrency analysis platform, the Canary HBAR ETF saw a rise in inflows amounting to $3.31 million on the 21st of January. The inflows resulted in the ETF holding 521 million HBAR, worth approximately $57.4 million.
This being said, HBAR still has to overcome important resistance at $0.124-$0.135. Observers of the market are recommended to keep both retail and institutional flows under close observation. Investors should keep in mind partial profit-taking measures while keeping an eye on ETF movements as well.
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Hedera (HBAR) Weekly Momentum Stays Weak
From the weekly chart, the RSI is currently at 34.20. This means the RSI is still below the centerline, and hence, there is low buying interest. This also means the overall trend is down.
Furthermore, the price is also below the MA ribbon. The MA averages are: $0.1848 (SMA20), $0.1594 (SMA50), $0.1547 (SMA100), and $0.1126 (SMA200).
MACD also reinforces the weak view here, as the MACD line is currently at -0.0253, which is also below the signal line at -0.0203. Also, the histogram is currently in negative territory at -0.0051, which shows that sellers are in control here.
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