HBARUSDT price currently sits at $0.235, encountering resistance at $0.241. Despite its recent rally, the broader market conditions are pulling it down, and the next major support level is at $0.220. If the altcoin fails to hold above this level, it could slide towards $0.200.Looking at the liquidation map, there is a real possibility of significant losses for $BINANCE:HBARUSDTtraders. The map shows that if the price drops to $0.20 or lower, approximately $53 million worth of long positions would be liquidated. This would create a wave of selling pressure and potentially drive the price down further.
In the event of a surge in bearish sentiment or increased selling pressure,
HBARUSDT could fall below $0.220, hitting the psychological support level at $0.200. A drop below this critical level would likely trigger the $53 million worth of liquidations, further exacerbating the decline.However, if
HBARUSDT manages to hold above $0.220 and successfully breaches the $0.241 resistance, there could be an opportunity for a rally. A successful bounce off $0.220 could push HBAR towards $0.267, providing some relief to traders and reinforcing its bullish outlook.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.