By Nathan Ferguson
Hedera’s native crypto HBAR has eventually secured a new floor following bearish actions that plagued the alternative token for months. The alternative coin bottomed near $0.006 in June and retested that support in July’s first week. Nevertheless, the alt shows signals for a massive move following relatively dormant actions within the past few days.
While publishing this content, HBAR changed hands near $0.067, a few steps from its support floor. The token has battled to accumulate enough strength for a substantial rebound over the past few days, hence the sideways actions. That confirms a relatively low volume seen during July’s first week.
HBAR’s RSI (Relative Strength Index) shows the alt has seen significant outflow moves within the previous few days regardless of holding the line. Such a move shows token outflows from top addresses’ supply. The metric declined to June 8’s 59.90% from June 3’s 60.14%.
Whales in Action
The past 24 hours recorded substantial whale activity. The whale transfer index for transactions worth more than $100K recorded two massive surges. The first occurred on July 7 and included three whales, whereas the July 8 one involved eleven whales. The metric has never recorded such a massive increase since June 23.
The whale activity upsurge might be forecasting a massive price action, but it doesn’t offer a clear direction outlook. The best is that HBAR’s address balance supply distribution clarifies on funds’ flow.
Addresses with over ten million HBAR tokens increased to 91.22% from 90.81 within the past three days. This cohost controls the highest supply and hence, impacts price actions. Addresses with 1 million to ten million tokens saw a brief drop to 5.52% from 5.94% over that timeframe. Also, HBAR addresses holding 100K to 1 million reduced their balances to 1/76% from 1.77%.
HBAR’s Current Status
The address balance supply distribution shows top HBAR’s whales scooped the asset within the past five days. Increased bullish momentum would see HBAR overcoming its current rage. Nevertheless, whales selling subdued upward attempts following brief marginal profits.
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