HBAR Price’s Breakout From 4-Month Old Pattern Threatens $6 Million Short Squeeze
HBAR shows bullish divergence on the MFI while trading in a 4-month descending channel, potentially leading to a $6.2 million short squeeze upon breakout.Summary
Hedera (HBAR) is showing underlying bullish signs despite recent price declines, evidenced by a bullish divergence on the Money Flow Index (MFI) on the two-day chart, suggesting fading selling momentum.
HBAR has been consolidating within a descending channel for nearly four months, currently trading near $0.0826 above the $0.0786 support level. Derivatives data indicates that a price breakout could trigger approximately $6.2 million in short liquidations if HBAR reaches $0.1013, which would accelerate upward movement.
The bullish scenario requires HBAR to breach the channel's upper trendline and establish $0.1042 as support, targeting an upside projection of $0.129. Conversely, a failure to hold the $0.0786 support level could invalidate this outlook, potentially leading to a drop toward $0.0622.
(Source：BeInCrypto)