HBAR Crypto Declines To Significant Lows: Should You Acquire It?

• Hedera (HBAR)’s 71.5% of maximum supply is circulating in the market. 
• HBAR derivatives witnessed a huge surge in trading volume.

The total value locked for the crypto is around $56.45 Million, followed by the stablecoin market cap of the crypto at $10.72 Million.

Hedera is the 32nd largest cryptocurrency in the global crypto market, with a market cap of $2.21 Billion. Additionally, the value of traded volume for the crypto advanced by 51% over the last 24 hours.

Also, the crypto’s volume/market cap ratio is 4.61%, which resulted in medium liquidity. With an outstanding market presence, the crypto has a market cap dominance of 0.11%. 

The supply inflation of the crypto is extremely high, resulting in 141.02%. This shows that crypto needs to rise over 141% to escape from inflation over time. The sentiment for the crypto is bearish, the fear and greed index is at 29, reflecting fear among the traders. 

Hedera Crypto Derivatives Analysis

The open interest in Hedera crypto declined by 17.9% to $31.43 Million in the last 24 hours.

The value of the traded volume for crypto has declined significantly from its average price. Despite this, the value of the derivatives traded volume for the crypto was up by 72%. 

The recorded long liquidation for the crypto was worth $452.01K in the last 24 hours, much higher than the short liquidation of $3.14. This shows sellers’ dominance and buyers’ defeat in the market.

HBAR Crypto Technical Analysis

HBAR crypto price had been in a very strong downtrend.

From the swing high of $0.18420, HBAR witnessed strong profit booking. This led to a more than 65% decline in crypto price. Lower highs and lower lows can be seen on the chart, followed by a breakdown below crucial levels in the price. 

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The crypto price had declined below the 50-day and the 200-day EMAs, trading in a death cross, exhibiting a strong bearish trend in the price, which could be sustained over a longer time frame.

The MACD and the signal line were trading in negative trajectory. The following metrics further have formed a death cross with bearish volume bars on the chart.

The RSI further declined to the oversold zones to the 14-day SMA. It is likely to follow a bearish cycle and reflect a decline in momentum.

Hedera (HBAR) has declined significantly, with a strong downtrend and over 65% drop from its swing high. 

Bearish indicators include high supply inflation, a fear index reading of 29, declining open interest, and a death cross on the EMA chart. Despite increased derivatives trading, sentiment remains negative.

HBAR price might find support at $0.0450 and $0.0570, followed by the resistance levels of $0.0850 and $0.1040.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.