In recent market activity, the open interest (OI) in Hedera (HBAR) futures contracts has experienced a notable decline. This trend, as indicated by CrediBULL Crypto, a crypto analyst, OI bleeding indicates a substantial decrease in active contracts. The reduction in OI typically signals diminished market participation or a wave of liquidations, suggesting a bearish sentiment.
The OI chart reveals a critical support level around 375.297 million contracts. At this point, traders show reluctance to close additional positions, which could stabilize the market. On the upside, the resistance level near 800 million contracts marks a previous high in market participation. This peak suggests a point where traders might start selling again if the price rises.
Perpetual Cumulative Volume Delta (Perp CVD) provides insight into the net buying and selling pressure in perpetual futures contracts. The sustained downward trend in Perp CVD highlights persistent selling pressure, with more contracts being sold than bought.
The current level around -1.453 billion suggests significant selling but has shown signs of stabilization. This point may act as a support level where selling pressure could ease. The sharp peak before the decline serves as a resistance level, indicating a previous dominance of buying pressure.
Similarly, the Spot Cumulative Volume Delta (Spot CVD) reflects net buying and selling pressure in the spot market. The downward trend here also points to ongoing selling pressure. The spot CVD has stabilized around -190.116 million, suggesting a support level where buying interest begins to counteract selling pressure. Any previous peaks before this decline represent resistance levels, indicating where buying pressure was stronger.
Combining these indicators, the alignment of declining OI, Perp CVD, and Spot CVD underscores a strong bearish sentiment in both futures and spot markets. Identified support levels are critical points where selling pressure might stabilize, potentially leading to a reversal if buying interest increases. Conversely, resistance levels highlight areas where selling pressure previously overcame buying interest, potentially stalling any market rise.
At present, Hedera price is $0.117838, with a 24-hour trading volume of $115,784,163, up 6.92% in the last 24 hours. The 1-day stochastic RSI, trading above the signal line at 27.08, suggests recent bullish momentum.
However, the 1-day MACD, trading below the signal line, indicates potential short-term downward pressure. Additionally, the 1-day KST trading above the zero line signals strong positive momentum, indicating potential buying opportunities.
