Hedera’s native token HBAR traded lower on Wednesday, slipping further below the mid-range Bollinger Band support level. The price closed at $0.18302 after falling by 1.64%, continuing a broader downtrend observed throughout late May.
This latest decline puts HBAR under growing pressure as the Relative Strength Index (RSI) dropped to 43.38, well below the neutral 50 mark. Right now, it looks like more people are selling than buying, which points to few chances for an immediate bounce.
Bollinger Bands show price compression, with the current level sitting just above the lower band near $0.17636. If the said support level does not hold, HBAR could go down to the psychological level of $0.17. The token is still below the 20-day Simple Moving Average (SMA), at about $0.19733, pointing to a negative near-term path.
Trading volumes remain modest, and recent candlestick formations suggest sellers are firmly in control. The indicator still stays below 49.41, which shows that momentum is decreasing, and no bullish divergence is visible.
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Pressure Builds as Technical Indicators Signal Bearish Outlook
In recent sessions, the inability to reclaim higher support levels has led to consistent red candles. Market participants are now closely watching the lower Bollinger Band as the next critical area for potential bounce or further breakdown.
The rejection from the upper band earlier in May remains significant, marking the last time buyers had any meaningful advantage. Since that time, several failed efforts to rise above the 20-day moving average have brought further losses.
Source: Tradingview
Investor sentiment appears cautious, as price action has remained range-bound between $0.176 and $0.19 with increasing lower highs. The technical signs indicate that bulls are not confident, as there is still mixed movement in the broader market.
A few purchases above $0.18 have supplied support for the moment. These technical signals reflect a lack of conviction among bulls, as broader market conditions remain mixed.
HBAR still indicates weakness, along with the rest of the crypto market, which is hesitant to move. The fact that prices are close to the lower Bollinger Band and that the RSI has declined indicates that downward pressure will likely last. If the price breaks below the current level, traders will expect either a supported fall or further sale-side action.
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