Hedera (HBAR) has been under significant selling pressure recently, with the cryptocurrency experiencing a decline of 3.6% in the last 24 hours and a more pronounced drop of 13.6% over the past seven days. Currently trading below the $0.21 mark, HBAR is hovering around $0.185, reflecting a weakening market sentiment. This downturn has caused the project's market capitalization to dip below the $8 billion threshold, signaling a potential shift in investor confidence.

Technical indicators such as the Relative Strength Index (RSI) and Bollinger Band Trend (BBTrend) are pointing to bearish trends. The RSI currently stands at 39, indicating a loss of momentum following a brief recovery attempt. It had previously approached the oversold region at 30.92 two days ago, suggesting substantial selling pressure. Although it briefly climbed to 53.54 the previous day, the subsequent decline to 39 highlights the lack of sustained buying interest and the continued dominance of sellers in the short term.

The BBTrend, which measures the strength and direction of price movements relative to volatility, has fallen to -8.88, turning negative at the end of May 16 after remaining positive from May 11 to May 16. Over the past day, it has consistently stayed within the range of -8 to -8.5, suggesting that bullish momentum has diminished and downward pressure has intensified. A sustained negative value in BBTrend often signals a weakening trend phase, implying that HBAR may struggle to break through resistance levels or regain upward momentum unless the trend reverses soon.

The Exponential Moving Average (EMA) lines on the chart are also raising concerns about a potential \"death cross,\" a technical pattern where short-term moving averages cross below long-term ones, typically signaling the beginning of a prolonged downtrend. If this occurs and the critical support level at $0.185 is breached, HBAR could fall further to $0.169. A breakdown below that level would expose the token to additional losses, with $0.160 serving as the next major support level. Should selling pressure persist, a move below $0.160 remains a possibility, particularly in a broader bearish market environment.

Conversely, if HBAR can maintain its position above $0.185 and avoid triggering the death cross, it might attract renewed buying interest. Successfully defending this support level could pave the way for a retest of the $0.192 resistance level. Breaking above this point could drive HBAR towards $0.202, and with further momentum, it might even reach as high as $0.228.

In summary, the current performance of Hedera reflects a challenging period marked by declining prices and bearish technical indicators. Traders are closely monitoring key support and resistance levels, as well as the potential for a death cross, to gauge future price action. As always, market movements remain unpredictable, and investors should exercise caution when making trading decisions.

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