Bitcoin‘s price continues to decline, with altcoins paired with BTC hitting significant lows. Recent data indicates the risk of billions of dollars in BTC sales, particularly alarming in July, as Germany has already sold approximately 10,000 BTC. Crypto volatility is anticipated to rise again as ETF markets open. The focus now shifts to HBAR Coin’s performance.
What is Happening with HBAR Coin?
Hedera Hashgraph’s HBAR Coin has experienced a significant decline, losing more than 30% in the last week. This mirrors a broader trend among altcoins, many of which have seen losses exceeding 20% recently. The Aroon Indicator for Hedera suggests this downtrend may persist, signaling further potential declines for the altcoin.
Sellers dominating the market are pushing for new lows, with the spot price of HBAR negatively affecting futures trading. Open futures positions for HBAR have decreased steadily, dropping by 27% this month alone, reflecting weakening demand and contributing to a bearish market outlook.
What Does the Future Hold for HBAR Coin?
Currently, HBAR sits at $0.069, with the Chaikin Money Flow (CMF) indicator in negative territory. This suggests a probable drop below $0.06, driven by selling pressure as liquidity exits the market. The target under current conditions is $0.57, contingent on BTC performance and external factors such as MTGOX refunds and Germany’s BTC sales.
Key Inferences for Investors
- Monitor the Aroon Indicator for continued downtrend signals.
- Observe futures market activity for shifts in demand.
- Pay attention to BTC performance and external market factors.
- Note the impact of liquidity outflow indicated by the CMF.
Investors in the US may find some reassurance, as the US does not frequently sell its BTC holdings. Sales authorized by court orders typically occur every 3-4 months. The Department of Justice, in agreement with Coinbase Prime, might mitigate the impact by selling OTC to ETF issuers during market recovery phases. Additionally, political rhetoric could also influence market sentiment.