Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion.
- HBAR eased at a Q3 support of $0.0460.
- Futures market demand for HBAR remained muted.
Hedera [HBAR] defended its Q3 support of $0.0460, but further upside faced crucial obstacles. Besides, a spike in price volatility is expected this week from September's US CPI data release on 12 October.
Read Hedera [HBAR] Price Prediction 2023-24
Will HBAR price falter at $0.0480, or will bulls clear the hurdle?
Source: HBAR/USDT on TradingView
Since September, the bulls' only worry was the roadblock at $0.0520. The hurdle was a previously invalidated bullish order block (OB) of $0.0518 – $0.0534 (red) formed on 5 August.
The roadblock has prevented further HBAR upswing in September. In early October, the price rejection at the roadblock saw prices drop to the Q3 support of $0.0460.
The rebound seen at press time from Q3 support hit another hurdle and a daily bearish OB of $0.0476 – $0.0486 (orange). A price rejection at this obstacle could drag HBAR lower to retest the Q3 support again. If so, such a move could present modest shorting gains.
However, an H12 candlestick session close above the obstacle at $0.0490 will invalidate the short set-up. Such an upswing could tip HBAR bulls to target September's obstacle of $0.0520.
Buying pressure improved slightly at the time of writing, as shown by the RSI uptick. But the indicator's low range position indicated the sellers' market edge. Besides, the H12 market structure was bearish unless the price mounted above $0.0487.
But Spot market demand remained low at press time, as illustrated by the dip in OBV.
How much are 1,10,100 HBARs worth today?
Open Interest rates declined
Source: Coinalyze
According to Coinalyze, Futures market demand declined since 2 October amidst price decline over the same period. Sellers gained more edge, as illustrated by the southward movement of CVD (Cumulative Volume Delta).
The funding rate fluctuation at press time could further tip the scale in favor of sellers. So, shorting gains could be likely at the $0.0480 obstacle.
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