Key Market Movements
- Hedera dropped to $0.10 as Bitcoin fell to lows of $65,680.
- Ethereum (ETH) shed 5.3% to under $1,950; XRP, Solana, and BNB also dipped.
- HBAR price could retreat to support at $0.088.
Hedera Under Pressure Amid Leading Crypto Declines
Hedera’s HBAR token is under pressure as leading cryptocurrencies Bitcoin and Ethereum trim recent gains.
The altcoin has dropped to $0.10 as bears dominate amid broader market caution, with BTC giving up gains to under $66,000.
Several top 10 coins are down 3-5% in the past 24 hours.
Downside risks for BTC, ETH, and Solana could accelerate HBAR declines.
Hedera Dips as Bitcoin Sheds Gains
Hedera struggles to hold gains near $0.10 as Bitcoin faces renewed selling pressure.
The benchmark digital asset trades around $66,230 after testing lows of $65,680 and dropping more than 3% in early US trading hours.
Bears emerged as negative sentiment threatens to entrench despite decent spot ETF outflows over the week.
Bitcoin reversed gains as US stock futures flipped lower, with investor concerns over AI impact reemerging.
Block, led by Jack Dorsey, announced workforce cuts of 4,000, contributing to risk asset jitters.
Tech stocks fell this week despite Nvidia’s earnings beat, preventing BTC from cementing gains near $70,000.
Analysts indicate Bitcoin could fall to support at $60,000 or lower before rebounding.
Ethereum shed 5.3% to under $1,950, while XRP, Solana, and BNB registered losses; HBAR is down 3% in 24 hours.
HBAR Price Analysis
Market losses reflect returning caution, with ETF holders and treasuries buying Bitcoin at lows, but shorts persist.
HBAR price is down on the day, with trading volume of $137 million also down over 5%.
Bulls may fail to stem the slide at $0.10 support, but decreased volume points to potential seller exhaustion.
RSI around 51 suggests upside momentum potential before overbought conditions.
The token consolidates near the upper Bollinger Band, with short-term moving averages converging as a pivot.
A break above the upper band and descending channel resistance could reclaim $0.12, facing 200-day EMA at $0.14.
MACD shows potential bearish flip as histogram shrinks near zero.
A bearish cross could increase chances of a dip below $0.10, with support at $0.088 and $0.079.
