Hedera (HBAR ) Bleeds $10 Million in Spot Net Outflows as Death Cross Spells Trouble

Hedera’s HBAR has continued to face mounting bearish pressure. On-chain data shows that the altcoin has recorded over $10 million in spot net outflows within the past three days alone.

A “death cross” has also emerged on its daily chart, adding to the bearish outlook. These trends signal waning investor confidence and hint at an extended price decline in the short term.

HBAR’s Bearish Shift Deepens With Rising Spot Outflows

According to Coinglass, HBAR’s spot outflows have totaled $11.21 over the past three days, underscoring the bearish bias against the altcoin.

HBAR Spot Inflow/Outflow. Source: Coinglass

These outflows occur when the holders of an asset remove their capital from its spot markets, typically by selling their coins and moving funds elsewhere. It signals weakening demand for the asset and is a trend that is known to drive assets’ prices lower.

The steady daily outflows from HBAR’s spot markets since April began reflect growing uncertainty and a shift in market sentiment as traders increasingly look to exit their positions.

Further, a “death cross’ has emerged on the HBAR/USD one-day chart, adding to the gloomy outlook. This is a bearish pattern formed when an asset’s 50-day moving average crosses below the 200-day moving average.

HBAR Death Cross. Source: TradingView

This occurred during Tuesday’s trading session, marking the first time HBAR has recorded the formation of a death cross since last November.

The pattern offers definitive proof that HBAR’s market sentiment has shifted from bullish to bearish. It indicates a weakening market’s momentum, and traders often interpret it as a signal to exit long positions and take short ones.

Can HBAR Bulls Regain Control to Prevent Further Decline?

HBAR’s Relative Strength Index (RSI) continues to drop, confirming poor demand for the altcoin and sustained selling pressure. As of this writing, the momentum indicator is at 42.22.

The RSI indicator measures an asset’s overbought and oversold market conditions. At 42.22 and falling, HBAR’s RSI shows that the altcoin faces reduced buying pressure from investors and risks further price declines as demand wanes.

With the token already underperforming, these converging bearish indicators point to a deeper correction in the coming days. In this scenario, HBAR’s value could plunge to $0.11, a low it last reached in November.

HBAR Price Analysis. Source: TradingView

However, if the bulls regain dominance, HBAR could reverse its downtrend and climb toward $0.17.

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