Strong Decline In HBAR Crypto Price, Will It Rebound To Highs?

• The derivatives trading volume of the Hedera crypto has witnessed a decline over the last 24 hours.
• The price of the HBAR crypto has advanced by 899% from its all-time low price.

Hedera Hashgraph (HBAR) is the energy-efficient cryptocurrency of the Hedera network, used for transaction fees and network security. 

HBAR has a total supply of 50 billion coins, supporting 10,000 transactions per second with low fees. Co-founded by Dr. Leemon Baird and Mance Harmon, Hedera offers fast transaction finality and high security.

Price Overview Chart of HBAR | Source: CoinMarketCap

Price Data Overview Of Hedera Crypto

The token terminal shows a surge of 7.6% in the fully diluted market cap of the crypto in the last 30 days. This results in a value of $5.03B, while the token trading volume has witnessed a decline of 50.7%. 

Hedera is the 28th largest cryptocurrency in the global crypto market and the market cap value of the crypto is $3.578B. Despite this, the volume/market cap ratio of the crypto is low resulting in 1.33%.

The supply inflation of the Hedera crypto is very high, resulting in 141.02% which is a negative factor for the crypto supply circulation. Also, the total value locked for the crypto is $93.01M and the stablecoin market cap of the crypto is $11.5M.

Hedera Crypto Derivatives Analysis

The derivatives trading volume chart shows a decline over the last few days which shows the decline in the trader’s interest in the crypto.

Hedera Crypto Derivatives Liquidation Chart | Source: Coinglass

The recorded long liquidation for the crypto is $62.54K over the last 24 hours from the press time which is much higher than the short liquidation for the crypto.

This further shows the profit booking in the crypto price and the weakness in the price of the crypto.

HBAR Crypto Technical Analysis

The HBAR crypto witnessed a surge of 150% in its trading price in April 2024 followed by a strong uptrend.

HBAR Crypto Daily Price Chart | Source: Tradingview

Despite the huge surge in the trading price of the crypto, HBAR started to witness profit booking at the end of April 2024 which led to a decline of 45% in the trading price of the crypto from the swing high of $0.18420.

The following decline in the price of the crypto occurred in just six days which shows how strong the bears have dominated over the price. 

If we closely look at the EMAs, the price of the HBAR crypto has declined below the 50-day EMA on the daily chart. Despite this, the 50-day and the 200-day EMAs are trading in a golden cross.

The MACD and the signal line are trading in death cross while both the metrics have hit the mid-level showing uncertainty in the price.

The RSI has declined below the 14-day SMA and has slipped to the level of 40.42. This shows a decline in the momentum of the crypto.

Summary

HBAR, Hedera Hashgraph’s energy-efficient cryptocurrency, has experienced a strong price decline.

Despite a 150% surge in April 2024, it faced a 45% drop due to profit booking. Indicators like declining trading volume, high supply inflation, and bearish technicals suggest uncertainty in its price momentum, with the potential for further declines.

The support levels for the Hedera crypto are $0.06800 and $0.090 followed by the resistance levels of $0.1190 and $0.1610.

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.