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The recent price action of Hedera (HBAR) shows a sharp decline of 11% over the last three days. The altcoin is moving away from Bitcoin’s (BTC) orbit, reflecting a shift in market sentiment and weakening investor confidence.
HBAR is now vulnerable to further decline, with worsening market conditions fueling outflows.
The Chaikin Money Flow (CMF) for HBAR is currently sitting at a near 4-week low, close to the zero line. This suggests that investor outflows are dominating, with a significant shift from accumulation to selling. A drop below the zero line on the CMF would confirm that selling pressure is overwhelming the buying interest.
The current market sentiment is characterized by investor uncertainty. The weakening CMF reading highlights the lack of confidence in HBAR’s price potential in the near term. As HBAR faces these outflows, the altcoin could face a steeper decline.
The broader market momentum for HBAR is heavily influenced by its correlation with Bitcoin. Currently, the correlation between HBAR and BTC is at a near 2-month low. This weakened correlation is a double-edged sword for HBAR as it could benefit from Bitcoin’s price drop, but any rally in BTC could negatively impact HBAR’s price.
The diminished connection to Bitcoin leaves HBAR more exposed to independent price action. With investor sentiment shifting and external market factors playing a larger role, HBAR’s price might experience more ups and downs, depending on the direction BTC takes.
Currently trading at $0.258, HBAR is in a vulnerable position after the recent 11% drop. The altcoin is sitting just above key support levels, and further decline is possible. A drop to the $0.236 support level seems likely, especially with the current market conditions and investor sentiment.
If the downward trend persists, HBAR could continue to consolidate between $0.236 and $0.276. These price levels may provide some stability, but they also represent areas of significant resistance. A prolonged consolidation phase could trap HBAR within this range, with little upward movement in the short term.
However, if market conditions reverse, HBAR might manage to reclaim the $0.276 level as support. This would open the door for a potential price surge toward $0.300. Whether it breaches this resistance remains uncertain, but a shift in sentiment could drive HBAR toward higher levels.
The post HBAR Leaves Bitcoin’s Orbit, Immediate Reaction Brings Price Down 11% appeared first on BeInCrypto.
The post Cardano’s Long/Short Ratio Slips — Is a Drop Below $0.70 for ADA on the Horizon? appeared first on Coinpedia Fintech News
Cardano (ADA) is showing signs of weakness as its long/short ratio drops, signaling a surge in selling volume. This metric suggests that more traders are betting against the price rising. Additionally, declines in other on-chain metrics might push ADA price to the bottom. With this change, investors are now wondering if ADA could slip below the key $0.70 support level. Could a bigger price correction be coming soon?
Cardano (ADA) saw an impressive rally in July, gaining nearly 30% in value—one of its best performances in recent months. This surge was largely boosted by favorable macroeconomic news that triggered strong buying activity across the crypto market.
However, despite the strong price performance, recent data from Coinglass reveals signs of market instability. Cardano experienced over $7.79 million in total liquidations, with a significant majority of about $7.54 million coming from long positions. This means that many traders who bet on the price continuing to rise were forced to close their positions, likely due to sudden price rejections or high volatility.
In the short term, trading activity remains strong, with a 12% increase in 24-hour volume pushing it up to $2.54 billion. But not all indicators are positive. Open interest, which shows how many futures contracts are still active, has dropped by 8%, now standing at $1.28 billion. This decline suggests that fewer traders are keeping positions open, possibly hinting at a low confidence in further price gains.
Also read: Michael Saylor Reveals Strategy’s $100 Billion Bitcoin Plan
The long/short ratio has slipped below 1 to 0.8829, meaning there are more short bets than long ones. About 53% of traders expect ADA to fall in the next few hours. With sentiment turning bearish, selling pressure is rising, and ADA is struggling to break through its immediate resistance levels.
Cardano (ADA) dropped below its 20-day exponential moving average (EMA) at $0.76, a sign that sellers might be gaining control. As of writing, ADA price trades at $0.7272, declining over 4% in the last 24 hours.
There’s some support around $0.67, but if that fails, the price could fall further to $0.51 and possibly down to the 50-day SMA near $0.339. This would suggest that ADA might stay stuck in a wider trading range between $0.4 and $0.5 for some time.
A break and close above the 20-day SMA would be the first sign of strength, showing that sellers are losing momentum. If that happens, buyers might try to push the price past the key resistance around the descending trend line.
A break above the trend line might send the ADA price soaring. A surge above the resistance line could begin an upward trend toward $1 for Cardano price. With the RSI level now nearing the oversold region at level 32, a bullish correction is expected to take place.
The post Cardano’s Long/Short Ratio Slips — Is a Drop Below $0.70 for ADA on the Horizon? appeared first on Coinpedia Fintech News
Cardano (ADA) is showing signs of weakness as its long/short ratio drops, signaling a surge in selling volume. This metric suggests that more traders are betting against the price rising. Additionally, declines in other on-chain metrics might push ADA price to the bottom. With this change, investors are now wondering if ADA could slip below …
In a massive development in the ongoing trade war, China has decided to remove its 125% tariffs on US Ethane imports, sparking optimism that China and the US could soon reach an agreement. This is undoubtedly bullish for the crypto market, given the negative impact the trade war has had on the market so far.
The crypto eyes another leg to the upside following China’s decision to waive tariffs on US Ethane imports. The Reuters report cited two sources familiar with the matter, with the country excluding these goods from the 125% it imposed on US imports earlier this month.
This move comes just days after China exempted some US goods, including chemicals, vaccines, and jet engines, from the 125% tax on US imports. This recent waiver again provides optimism that China and the US could soon reach an agreement to settle this trade war, which has already destabilized the markets.
It is worth mentioning that the Bitcoin price and other altcoins rallied following China’s move to exempt some US goods from the tariffs last week. As such, the crypto market could again witness another rally following this latest waiver from the Asian country.
Crypto analyst Titan of Crypto recently suggested that another massive rally is on the horizon for BTC and the broader crypto market by extension. In an X post, he raised the possibility of the flagship crypto rallying to as high as $150,000 on this move.
In another post, he stated that the key level to watch now is the previous monthly high, around $95,040. The analyst remarked that BTC looks short-term bullish, but it needs a daily close above this level to confirm further upside.
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