After months of bearish performance, Hedera’s native cryptocurrency HBAR has finally found a new price floor. In June, it reached a low around $0.060, and in the first week of July, it tested the same support line once more. Despite this, the token is now exhibiting signs of a significant move following a few days of comparatively sluggish performance.
At the time of publication, HBAR was trading at $0.067, which is only a small distance from its support line. It has been moving sideways because it has been unable to build enough bullish momentum for a significant bounce back over the past few days. This is a reflection of the comparatively light volume it saw during the first week of July.
Despite managing to hold the line, HBAR’s Relative Strength Index (RSI) shows that there have been significant outflows recently. This result is a reflection of the supply withdrawals from the top addresses. From June 3 to June 8, the outflows decreased from 60.14 percent to 59.90 percent.
Whales are surfacing to play
Over the past 24 hours, significant whale activity has been seen. Two significant spikes were observed in the whale transaction count metric for transactions exceeding $100,000. The first incident involved three whales and happened on July 7; the second incident involved eleven whales and happened on July 8. The last time the metric experienced such a significant increase was on June 23.
This increase in whale activity could signal the beginning of a significant price movement, but it does not really offer a clear outlook for the future. Thankfully, HBAR’s supply distribution by balance of addresses gives more insight into the flow of money.
In the last three days, addresses holding more than 10 million HBAR coins increased their holdings from 90.81 percent to 91.22 percent. These whales have the largest holdings and consequently, the greatest influence on price movement. Addresses holding one million to ten million coins saw a slight decline, going from 5.94 percent to 5.52 percent over the same time frame.
The percentage of addresses holding between 100,000 and 1,000,000 HBAR decreased from 1.77 to 1.76.
What is the current position of the token?
According to the supply distribution based on balances on addresses, the largest HBAR whales accumulated over the previous five days. If there is enough bullish pressure, HBAR will be forced out of its current trading range, but any gains thus far have been restrained by whales selling to profit from tiny marginal gains.