Hedera (HBAR) has recorded its first spot inflows in the past week, totaling $4 million, according to data from Coinglass. This comes as HBAR’s price has been trading within a narrow range since early December.
However, despite the inflows, bearish pressure on HBAR’s price remains, as indicated by its technical indicators. For example, readings from its True Strength Index (TSI) indicator show the TSI line (blue) below the signal line (red) at press time, reflecting the strengthening bearish bias.
The TSI indicator helps identify the strength and direction of a trend by smoothing price movements. When the TSI line is below the signal line, it indicates bearish momentum. This suggests that selling pressure is stronger than buying interest.
Moreso, traders interpret this crossover as a sell signal or a warning that the upward trend is weakening and that further downward movement might be ahead.
Additionally, HBAR’s Moving Average Convergence Divergence (MACD) indicator also supports this bearish outlook. At press time, the token’s MACD line (blue) rests below its signal line (orange).
When this indicator is set up this way, it indicates bearish momentum. This means that selloffs exceed buying activity among market participants, putting significant downward pressure on its price.
HBAR’s price has faced resistance at $0.33 and found support at $0.24 since December 4. As of this writing, the altcoin trades just above this support level at $0.28.
With the increasing downward pressure on its price, it may fall to test this support. Should it fail to hold, its value could plunge further to $0.16.
Conversely, if inflows into the token’s spot market continue due to sustained demand for the altcoin, HBAR’s price could rise to $0.33.
