Hedera’s $HBAR token is experiencing significant downward pressure, following a broader market decline in leading cryptocurrencies such as Bitcoin and Ethereum. As Bitcoin tested lows of $65,680, the price of $HBAR fell to $0.10, reflecting a growing dominance of bearish sentiment.
In the past 24 hours, Bitcoin has slipped to around $66,230, retracting from gains that briefly approached $70,000 earlier in the week. This decline has been attributed to renewed selling pressure amid investor concerns surrounding artificial intelligence and its implications for the tech sector. Notably, the ripple effects of Jack Dorsey’s Block announcing a workforce cut of 4,000 jobs have contributed to cautious trading in risk assets, resulting in a noticeable dip in major tech stocks even after Nvidia reported better-than-expected earnings.
In tandem with Bitcoin’s downturn, Ethereum has also seen a dip of 5.3%, falling below the $1,950 mark. Other notable cryptocurrencies, including $XRP, Solana, and $BNB, have similarly registered losses, with many in the top 10 experiencing declines ranging from 3% to 5% in recent trading.
Market analysts are expressing concerns about potential further declines in Bitcoin, which could drive its value down to support levels at $60,000 or even lower. Such movements could accelerate declines for other cryptocurrencies, including $HBAR.
Despite a trading volume of $137 million over the past 24 hours, which represents a decline of more than 5%, the broader caution has left $HBAR teetering on the edge. Some indicators suggest a possible exhaustion in selling pressure even as the price hovers near critical support levels.
Technical analyses reveal a mixed short-term outlook for $HBAR. The token is currently testing its support at $0.10. If it manages to maintain this level, there may be an opportunity for a rebound, potentially aiming for a resistance level at $0.12. The 200-day exponential moving average presents another significant hurdle at $0.14.
On the other hand, the MACD indicator is showing signs of a potential bearish flip, with the histogram dwindling closer to zero. Although the decrease in volume may indicate seller exhaustion, the risk of a bearish cross could increase the likelihood of a dip below the crucial $0.10 mark, with established support levels at $0.088 and $0.079.
As the market grapples with uncertainty, stakeholders are closely monitoring the situation, awaiting clearer signals from both major cryptocurrencies and technical indicators that could hint at potential reversals or deeper declines.
