Hedera (HBAR) Defies Market Downtrend

Hedera (HBAR) defied the broader market downtrend yesterday, surging nearly 10% following Nasdaq’s filing of a 19b-4 form with the US SEC for listing Canary Capital’s proposed HBAR ETF.

HBAR Drops After ETF Hype Fades

On Monday, Nasdaq filed with the SEC to seek approval for listing Canary’s ETF, designed to hold HBAR. Following this, HBAR’s price climbed from $0.209 to a peak of $0.226 but has since dropped by 7%, trading at $0.190.

Significant bearish bias is noted, with a negative Balance of Power (BoP) indicator at -0.50, showing that sellers are in control and indicating potential further declines.

HBAR BoP

The negative BoP suggests bearish momentum, reflecting insufficient demand to sustain the price rally.

Furthermore, HBAR’s Chaikin Money Flow (CMF) is trending downward, indicating that selling pressure is exceeding buying activity.

HBAR CMF

This negative CMF reading signals that traders may consider exiting long positions.

HBAR Faces Strong Resistance as Downtrend Persists

HBAR continues below a descending trendline since its peak of $0.40. Continued lack of demand and rising sell-offs may keep HBAR below this trendline.

If the decline continues, HBAR’s price could potentially drop to $0.169, while increased demand could reverse this downtrend, pushing prices up to $0.247.