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- HBAR fell to a Q3 support of $0.0460.
- Demand on the futures markets for HBAR remained subdued.
Hedera [HBAR] defended its third-quarter support at $0.0460, but further gains hit crucial obstacles. Additionally, a spike in price volatility is expected this week following the release of US September CPI data on October 12.
Read Hedera [HBAR] Price forecast 2023-24
Will HBAR price drop to $0.0480, or will bulls overcome the hurdle?
Source: HBAR/USDT on TradingView
Since September, the only concern of the bulls has been the roadblock at $0.0520. The hurdle was a previously voided bullish order block (OB) of $0.0518 – $0.0534 (red), formed on August 5.
The roadblock has prevented a further increase in the HBAR in September. In early October, the price rejection at the roadblock caused prices to fall to the third-quarter support of $0.0460.
The recovery seen at the time of writing from Q3 support hit a new hurdle and a daily bearish OB of $0.0476 – $0.0486 (orange). A price rejection on this hurdle could drag the HBAR lower to retest support for the third quarter. If so, such a move could yield modest shorting profits.
However, an H12 candlestick session just above the obstacle at $0.0490 will invalidate the short setup. Such a rebound could prompt HBAR bulls to target the September obstacle at $0.0520.
At the time of writing, buying pressure improved slightly, as evidenced by the rise in the RSI. But the low position of the indicator indicated the market lead of the sellers. Moreover, the market structure in the second half of the year was bearish unless the price rose above $0.0487.
But at the time of writing, spot market demand remained low, as illustrated by the dip in OBV.
How many Worth 1,10,100 HBARs today?
Open interest fell
Source: Coinalyse
According to Coinalyze, demand in the Futures market has fallen since October 2, while prices have fallen over the same period. Sellers gained more of an edge, as illustrated by the southward movement of CVD (Cumulative Volume Delta).
The fluctuation in financing rates at the time of writing could further tip the balance in favor of sellers. So short profits could likely arise at the $0.0480 obstacle.