HBAR Price Forms Double Top, Faces A Minor Crash; Can Bitcoin Save It?
HBAR price is showing bearish signs, forming a double top pattern that projects a 5% drop toward $0.102, despite its correlation with Bitcoin weakening.Summary
The HBAR price has experienced a mild decline amid strengthening bearish sentiment. A significant development is the sharp drop in HBAR's correlation with Bitcoin to 0.26, its lowest in nearly two months. This reduced dependency means HBAR might avoid mirrored losses if Bitcoin falls, but it could also limit upside momentum during Bitcoin's recovery, increasing reliance on project-specific demand.
Investor sentiment remains largely bearish, indicated by a negative weighted sentiment metric, suggesting caution and reduced buy-side support. Technically, HBAR is forming a double-top pattern, which typically signals trend exhaustion. The price is projected to drop by 5%, targeting $0.102, as it has already broken below the pattern's neckline and currently trades near $0.107.
For the bearish outlook to be invalidated, HBAR must decisively reclaim $0.109 as support and subsequently move toward $0.113, signaling a short-term trend reversal.
(Source：BeInCrypto)