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Bearish

HBAR/USD (TradingView)
Crypto Trends

Heavy Selloff Triggers Bearish Trend

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HBAR saw sharp selling pressure on Oct. 3, with momentum intensifying in the final hour of trading. After briefly reaching $0.224, the token fell to $0.222, breaching key support and ending the session down 0.9%.

The steepest drop came between 13:50 and 14:00, when volumes spiked above 3 million, signaling institutional distribution and panic-driven selling. Repeated failures to reclaim $0.224 leave HBAR vulnerable to further downside toward $0.220.

Across the broader 23-hour period from October 2 to 3, HBAR dropped 3.6% from $0.23 to $0.22 on surging volume of 51.3 million, underscoring heavy institutional participation in the selloff.

Despite near-term weakness, attention remains on a potential SEC decision in November on spot crypto ETFs. With backing from governing council members like Google and IBM, Hedera could benefit from regulatory approval even as its technicals point to ongoing pressure.

HBAR/USD (TradingView)

Technical Metrics Indicate Ongoing Weakness

  • HBAR formed a distinct downward trajectory following its peak at $0.23 on 2 October 19:00, with resistance developing at the $0.23 threshold where prices repeatedly reversed lower during multiple trading sessions.
  • Essential support developed at $0.23 around midnight on 3 October, followed by an additional support area near $0.22, although both thresholds demonstrated vulnerability under continuous selling momentum.
  • Trading volume characteristics revealed elevated activity throughout the initial decline and subsequently during the 13:00 session on 3 October with 51.3 million in volume, indicating institutional engagement in the bearish movement.
  • Technical deterioration intensified during the final hour as HBAR struggled to maintain recovery efforts above $0.22 resistance threshold, validating the breach of essential support thresholds.
  • Substantial volume surges exceeding 3 million and 2.5 million during the 13:50-14:00 window coincided with intense selling activity, demonstrating institutional distribution and fear-driven selling.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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Sei price chart
GameFi Guides

Sei price nears bearish breakout as transactions plunge 87%

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Sei price has crashed to an important support level and formed a descending triangle as the number of transactions and active addresses plunged in September.

Summary

  • Sei crypto price has formed a descending triangle pattern.
  • The number of transactions plunged by 87% in the last 30 days.
  • Sei’s unique active wallets fell by 20% in the same period.

Sei (SEI), a popular layer-1 network, plunged to the key support at $0.2645, its lowest level in August and September this year. 

Data compiled by Nansen show that the number of transactions plunged by 87% in the last 30 days to 57 million. This crash makes it one of the worst-performing chains in September.

The data show that active addresses dropped by 24% to 13 million. Also, fees dropped by about 12% to just $16,000.

Sei’s performance in the gaming market, where it dominates, also deteriorated. According to DappRadar, the number of unique active wallets dropped by 20% in the last 30 days to 13.45 million. 

More data shows that its total value locked plunged by 17% in the last 30 days. Most notably, Sei’s stablecoin supply dropped to $140 million, its lowest level since March and much lower than the year-to-date high of $296 million. 

Sei price technical analysis 

Sei price chart | Source: crypto.news

The daily timeframe chart shows that the Sei token price peaked at $0.3895 in July and then dropped to a low of $0.2645. It has crashed below the 50-day exponential moving average.

Sei crypto price has formed a descending triangle pattern whose support is at $0.2645. This is one of the most popular bearish continuation signs.

The Relative Strength Index has been in a downward trend. It has moved close to the oversold level of 70, while the MACD has moved below the neutral level.

Therefore, the token will likely have a strong bearish breakout, with the next point to watch at $0.1325, its lowest level this year. This target is about 50% below the current level. A move above resistance at $0.3500 will invalidate the bearish Sei price forecast.



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NFT Gaming

Myriad Moves: Ethereum and Solana Sentiment Flips Bearish as Prices Tumble

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In brief

  • A volatile crypto market has led to drastic odds shifts on some of Myriad’s most-traded prediction markets.
  • Predictors have flipped bearish on Ethereum and PENGU, now suggesting both are more likely to “dump” then rise to new heights.
  • While a Solana all-time high by the year’s end felt likely last week, predictors now no longer expect it.

The crypto market is slumping this week as liquidations surge, prompting major changes to some of Myriad’s most traded prediction markets. 

In the span of a week, predictors have flipped from bullish to bearish, swinging the odds completely for markets related to the price of Ethereum, Solana, and Pudgy Penguins’ culture coin, PENGU. 

Here’s a deeper look into some of the most-traded markets on Myriad this week. 

(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)

Ethereum’s next hit: moon to $5K or dip to $3.5K?

Market Open: August 11
Market Close: Open to resolution
Volume: $140K
Link: See the latest odds on the “Ethereum’s Next Hit: Moon to $5K or Dip to $3.5K” market on Myriad

The euphoria around the short-lived Ethereum all-time high push last month has all but faded at present time. The second-largest crypto asset by market cap came within $54 of hitting $5,000 in late August, but has since slid below $4,000 at the time of writing. 

That price volatility has mirrored itself on the Myriad market that asks predictors about the next stop for ETH—$3,500 or $5,000. 

Since the market opened on August 11, predictors had leaned bullish, with odds hitting as high as 81% in favor of $5,000 on September 13. Less than two weeks later, though, the market has flipped bearish, with predictors now favoring a dip to $3,500 at 68%. 

After a hectic race to accumulate Ethereum, digital asset treasuries have cooled their pace of late and Ethereum ETFs have seen three consecutive days of outflows, further pulling the price of ETH down alongside the broader market.

Now more than 20% off its all-time high, ETH sits around 11% from the $3,500 level in this market. Holders looking to hedge their positions on Myriad could stand to gain around 32% should the asset fall to that marker sooner than it can make the leap to $5,000.

What’s Next? ETH is now down 15% in the last seven days, with analysts telling Decrypt on Thursday that a key support level sits at $3,000. 

New Solana all-time high by year end?

Market Open: August 6
Market Close: December 31
Volume: $94.4K
Link: See the latest odds on the “New Solana All-Time High By Year End” market on Myriad

Solana made a new all-time high of $293.31 in January as it gained enormous amounts of attention and momentum amid the launch of the President’s official meme coin. 

Since that time though, it’s fallen 32% to $197.14. 

Myriad asks predictors whether or not SOL will hit a new all-time high before the end of the year. Last week, predictors said “yes,” giving 66% odds of a new high mark for SOL before 2026. 

Fast-forward one week, however, and things are much different. 

SOL has fallen more than 21% in the last seven days as the broader market slumps, pulling down odds of the new all-time high by a similar amount. Those odds now stand at 43% as predictors lean bearish on the feat. 

The token’s slide stands in the face of increasing Solana treasury buy pressure, one part of the recipe that Bitwise CIO Matt Hougan identified is crucial for an “epic” end to the year for SOL. Last week, Forward Industries bought nearly $1.6 billion worth of SOL for its treasury. It later filed for $4 billion more in funding to fuel additional purchases. 

That buy pressure combined with looming ETF decisions in the next month could be a catalyst for the run to a new all-time high. But is it already priced in? Predictors must think so. 

What’s Next? SEC decisions on as many as 90 ETFs, many tracking Solana, are expected in mid-October. 

PENGU price: pump to $0.05 or dump to $0.02?

Market Open: September 16
Market Close: Until resolution
Volume: $22.1K
Link: See the latest odds on the “PENGU Price: Pump to $0.05 or Dump to $0.02?” market on Myriad

Since its launch late last year, PENGU has provided Pudgy Penguins enthusiasts with an opportunity to invest in a fungible asset—something other than the Ethereum NFT collections tied to the brand. 

The ecosystem’s culture coin launched on Solana in December and quickly jumped above $0.06 before retracing in the following weeks—and trading well below $0.01 for most of Q1. After another steep rise this summer, the token has fallen 29% in the week, now changing hands at $0.027. 

The recent price action has led to volatility in Myriad’s prediction market, which asks predictors which stop is next for PENGU—$0.05 or $0.02. 

Last week, predictors were bullish, placing odds at $0.05 at more than 68% this time last Thursday. But in just one week, the odds have done a complete reversal, shifting more than 30% in both directions and now favoring $0.02 as the likely next step for PENGU. 

PENGU hasn’t been as low as $0.02 since July, and to get there, it would need to fall a further 27% from today’s mark. Predictors feel that’s much more likely than an 82% jump to $0.05. 

What’s Next? A decision on Canary’s PENGU ETF is due in the coming weeks. If approved, could it be a catalyst needed to propel the asset back towards $0.05?

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IBIT Sentiment Stays Bearish For Two Straight Months
NFT Gaming

IBIT Sentiment Stays Bearish For Two Straight Months

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Key metric tied to BlackRock’s Nasdaq-listed spot BTC$112,754.12 exchange-traded fund, IBIT, has been flashing warning signs for two straight months.

IBIT’s one-year put-call skew, a measure of market sentiment or pessimism, flipped positive on July 25 and has remained comfortably above zero since then, according to data source Market Chameleon. That’s two straight months of bearish put bias.

In other words, traders have consistently favored protective puts over bullish calls for two months, signaling a sustained cautious or risk-averse outlook.

A similar put option bias was observed from March 8 to April 21 this year, a period marked by sharp declines in both the spot price and IBIT, primarily driven by the trade war-induced weakness on Wall Street.

IBIT’s uptrend has stalled

IBIT’s price trend has stalled since July, failing multiple times to rise above the $70 level. Recently, it formed a “lower high” at $66, meaning the recent peak price was lower than the previous high near $70.

This pattern signals weakening buying pressure and suggests that sellers are gaining strength. The formation of lower highs often indicates a potential downtrend or bearish momentum.

IBIT has established a lower high. (TradingView/CoinDesk)

Read more: Bitcoin ‘Buy The Dip’ Calls Surge, But Liquidity Trends Point to $107K as Potential Magnet



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Bitcoin
NFT Gaming

Bitcoin Traders Still Lean Bearish: Shorts Outweigh Longs By 485 BTC

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Data shows the Bitcoin investors on derivatives exchanges still lean bearish toward the cryptocurrency even after the recent price recovery.

Bitcoin Short Positions Still Outweigh The Long Ones

In a new post on X, on-chain analytics firm Glassnode has talked about how Bitcoin market sentiment is looking from the lens of the derivatives market right now. The indicator shared by Glassnode is the “Long/Short Bias,” which measures the net amount of positions that large traders have currently opened.

When the value of this indicator is positive, it means the long positions outnumber the short ones. Such a trend implies the majority of the traders hold a bullish sentiment. On the other hand, the metric being under the zero mark implies more BTC positions are betting on a bearish outcome for the cryptocurrency.

Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Long/Short Bias over the past month:

As displayed in the above graph, the Bitcoin Long/Short Bias has been negative for a while now, suggesting short positions have been the more dominant side of the market.

Interestingly, this hasn’t changed despite the price recovery that BTC has seen since the start of this month. At present, short positions still outweigh bullish bets by 485 BTC (worth around $56.2 million).

Historically, Bitcoin and other cryptocurrencies have tended to move in the direction that goes contrary to the crowd’s expectation, so the dominance of bearish sentiment in the derivatives market may not be such a bad thing.

In another X thread, Glassnode has discussed about some metrics related to the Bitcoin Options market. First of these is the Implied Volatility (IV), which measures the future volatility expectation of the Options traders.

In particular, the version of the metric that’s of interest here is the “At-The-Money” (ATM) one, which only shows this expectation for the traders with a strike price close to the current BTC spot value.

Below is a chart that shows the trend in this indicator across the major tenors for Bitcoin over the last few weeks.

From the graph, it’s apparent that the 1-week Bitcoin ATM IV rose ahead of the Federal Open Market Committee (FOMC) meeting, but then plunged after the Fed announced its decision. Longer expiry timeframes displayed no particular reaction to the event.

Another gauge for Options market volatility expectations is the IV Index (DVOL), which aggregates the IV across strike prices and tenors.

“Post-FOMC, DVOL dropped back, confirming the market is not pricing any sharp move in the near term,” notes Glassnode.

BTC Price

Bitcoin made recovery toward $117,900 earlier, but it seems the coin has faced a retrace as its price has dropped back to $116,000.



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"XLM/USD price chart showing a steep 2.58% intraday decline under heavy institutional selling volume, with resistance near $0.395 and support forming around $0.375 during September 14-15."
NFT Gaming

Citi’s Base Case is Bearish

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Wall Street giant Citigroup (C) has launched new ether (ETH) forecasts, calling for $4,300 by year-end, which would be a decline from the current $4,515.

That’s the base case though. The bank’s full assessment is wide enough to drive an army regiment through, with the bull case being $6,400 and the bear case $2,200.

The bank analysts said network activity remains the key driver of ether’s value, but much of the recent growth has been on layer-2s, where value “pass-through” to Ethereum’s base layer is unclear.

Citi assumes just 30% of layer-2 activity contributes to ether’s valuation, putting current prices above its activity-based model, likely due to strong inflows and excitement around tokenization and stablecoins.

A layer 1 network is the base layer, or the underlying infrastructure of a blockchain. Layer 2 refers to a set of off-chain systems or separate blockchains built on top of layer 1s.

Exchange-traded fund (ETF) flows, though smaller than bitcoin’s (BTC), have a bigger price impact per dollar, but Citi expects them to remain limited given ether’s smaller market cap and lower visibility with new investors.

Macro factors are seen adding only modest support. With equities already near the bank’s S&P 500 6,600 target, the analysts do not expect major upside from risk assets.

Read more: Ether Bigger Beneficiary of Digital Asset Treasuries Than Bitcoin or Solana: StanChart



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Shiba Inu (SHIB) Crashes: -70% in This Bearish Metric
GameFi Guides

Shiba Inu (SHIB) Crashes: -70% in This Bearish Metric

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  • Evaluation of metrics
  • Pricing and performance

Recent on-chain metrics of Shiba Inu cast doubt on the sustainability of its recent price increases. The biggest change is the abrupt reversal in capital movement patterns across trading platforms, as evidenced by the sharp decline in exchange netflows of more than 70%.

Evaluation of metrics

Reduced accumulation pressure is indicated by the netflow crash, which shows a sharp decline in tokens leaving exchanges. This implies instead that more SHIB might be remaining on exchanges in anticipation of liquidation. Since higher exchange balances raise the possibility of sell pressure, this is frequently viewed as bearish.

SHIB/USDT Chart by TradingView

The exchange inflow, which increased to 1.5 billion SHIB (seven-day mean) in recent data, is the second significant on-chain signal. Increased inflows usually indicate that tokens are being deposited on exchanges, which could be a sign of impending sell-offs. In addition to the netflow decline, it implies that short-term holders may be attempting to sell their positions, even though demand for SHIB has not entirely dried up.

Pricing and performance

SHIB recently tested the 200-day EMA and surged above the 50-day EMA on the price chart. It retraced to about $0.0000139 after briefly reaching $0.0000143. In keeping with the bearish on-chain backdrop, the breakout attempt was thwarted by strong resistance. The RSI supports the need for caution by displaying a moderate cooldown, following the entry into overbought territory.

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SHIB is in a weird position, with increasing inflows and resistance at important moving averages. Although the price remains above its short-term support zone, which is located between $0.0000135 and $0.0000138, the on-chain dynamics indicate that significant barriers may stand in the way of further upward momentum.

The crucial support level of $0.0000127 may be retested by SHIB if sell pressure persists. A new bullish leg, however, might begin if buyers absorb the selling volume and reclaim $0.0000145. SHIB’s short-term trajectory seems to be determined by the flow of tokens into and out of exchanges, so investors should immediately concentrate on exchange activity.



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SushiSwap (SUSHI) price invalidates bearish setup, 45% upside in play
NFT Gaming

SushiSwap (SUSHI) price invalidates bearish setup, 45% upside in play

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SushiSwap price has broken out of a descending triangle pattern that had kept it in a downtrend since mid-July.

Summary

  • SUSHI price has been on a downtrend since July.
  • The token has invalidated a multi-month descending triangle pattern.

According to data from crypto.news, Sushi (SUSHI) was trading at $0.79 up 2% in the past 24 hours and 6.3% in the past 7 days. Its market cap stood at $153 million as of press time.

Despite its weekly gains, the token remains 62% below its July high, since when bears have brought the token down to $0.70 multiple times.

A few catalysts have emerged that could support further upside for SUSHI.

First, SushiSwap has recently gone live on HyperEVM. This enables swapping HyperEVM assets via its aggregator interface, marking a deeper integration with the Hyperliquid ecosystem. 

Such a move positions SUSHI at the center of a growing multi-chain liquidity network and expands its use case across more than 40 supported chains.

Another factor that could support its potential is the strong earnings recorded in Q3 of this year. Notably, earnings currently stand at $2.77 million, significantly higher than the approximately $200,000 reported in the previous quarter. A sharp increase in earnings indicates that DeFi protocols built on SushiSwap are being used more actively and that revenue efficiency has improved, a factor that could boost investor sentiment toward the token and, in turn, drive further interest.

On the daily chart, SUSHI price had formed a multi-month descending triangle pattern, a technical setup typically formed by a series of lower highs converging toward a horizontal support level, indicating sustained bearish pressure.

SUSHI price has broken out of a descending triangle pattern on the daily chart — Sep. 10 | Source: crypto.news

It has invalidated the pattern today, a sign that bears are losing control and marking a bullish reversal in technical analysis. This shift in trend is further supported by a golden cross that remains in play, after the 50-day simple moving average crossed above the 200-day SMA. The last time such a crossover occurred, SUSHI rallied by as much as 120%.

Based on these bullish technicals, the path of least resistance points to a target of $1.16, a level calculated by measuring the height of the descending triangle and projecting it upward from the breakout point. This target remains nearly 47% above the current price as of press time.

However, the setup would be invalidated if SUSHI loses the $0.75 psychological support, which would open the path to further losses down to $0.70, the level marked by its 200-day moving average.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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(Santiment)
GameFi Guides

Cardano’s Bearish Retail Crowd Hands Whales a Buying Window

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Cardano’s retail base has flipped bearish after weeks of drawdowns, setting up conditions where whales could step in.

Data from Santiment shows ADA’s bullish-to-bearish commentary ratio slumped to 1.5:1 this week — the lowest in five months. The sentiment dip coincided with a 5% rebound, suggesting traders who sold into frustration may have helped mark a local bottom.

Historically, ADA rallies have tended to begin when retail sentiment is weakest. Santiment flagged a similar setup in mid-August, when a 2:1 ratio aligned with a surge. Conversely, euphoric spikes — like the 12.8:1 ratio earlier this summer — have preceded sharp pullbacks.

(Santiment)

Sentiment extremes matter because crypto markets are unusually sensitive to retail psychology. When optimism peaks, the crowd often buys into tops. When pessimism sets in, larger players use the selling pressure to accumulate. That pattern has been visible across multiple assets this year, including bitcoin and XRP.

For Cardano, the shift suggests whales could use current weakness to build positions, especially if retail continues to capitulate.

The crowd-versus-price divergence remains one of crypto’s more reliable short-term trading signals. For now, ADA’s impatient traders may have just handed longer-term investors their entry point.



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Synthetix (SNX) price risks 10% drop as technicals flag bearish signs
NFT Gaming

Synthetix (SNX) price risks 10% drop as technicals flag bearish signs

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SNX price looks set for a deeper correction as technicals remain bearish for the asset, while its algorithmic stablecoin sUSD fails to maintain its peg to the U.S. dollar.

Summary

  • SNX price is down 10% over the past 7 days.
  • Synthetix’s sUSD stablecoin lost its peg to the U.S. dollar.
  • Price action has been confined within a descending parallel channel.

According to data from crypto.news, Synthetix (SNX) was trading at $0.66, down 9.5% over the last 7 days and 70% under its year-to-date high.

The main reason why SNX has been in a downtrend is the ongoing crisis in its sUSD stablecoin.

The stablecoin has failed to maintain its peg to the U.S. dollar ever since it introduced changes to how sUSD is issued and backed under an improvement proposal in April 2025.

The stablecoin’s price fell as low as $0.73 shortly following the move. While it managed to recover to $0.97 over the next two months, the stablecoin’s price faced another major drop to $0.841 in July. At press time, sUSD was trading at $0.987, still short of its intended $1 peg.

sUSD’s failure to maintain its peg reflects a critical protocol weakness, which could continue to weigh on investor sentiment and dampen confidence in the broader Synthetix ecosystem.

Data from CoinGlass shows that open interest for SNX has dropped by 1% to $19.6 million, while the long/short ratio has fallen below 1. It reveals that a growing number of traders are positioned bearishly on SNX in the short term.

SNX had been trading within a descending parallel channel for the past week on the 4-hour chart. A descending parallel channel is formed when an asset’s price forms lower highs and lower lows. This is considered a solid sign of bearish continuation.

SNX price has formed a descending parallel channel on the 4-hour chart — Sep. 5 | Source: crypto.news

When adding the Moving Average Convergence Divergence indicator to the mix, it had also turned downward. As such, it is safe to say the momentum for now would most likely be bearish.

On top of this, the RSI was at 45, which places it within neutral-to-weak territory, which is another confirmation that the price may continue heading downwards from current levels.

Considering the above, SNX is likely to target the $0.60 support level, which marks a 10% drop from the current price level.

If this support fails to hold, it could open the door to further losses, with a potential retest of its August low of $0.54 possible. 

Conversely, a breakout above the upper boundary of the descending channel would invalidate the bearish setup and could signal the beginning of a short-term trend reversal.



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