Hedera (HBAR) has experienced a significant downturn today, driven by a broader market sell-off that has affected many major cryptocurrencies. The decline comes after a period of substantial gains, where HBAR surged over 506% in the last 30 days, reaching a peak of $0.39. However, the momentum appears to be waning, as indicated by a weakening Average Directional Index (ADX) and a decline in on-chain volumes. The broader crypto market has also been under pressure, with Bitcoin and other major assets experiencing sharp declines, contributing to the negative sentiment surrounding HBAR.
The sell-off in HBAR is further exacerbated by profit-taking activities, as traders who capitalized on the recent rally are now cashing in their gains. This is evident from the recent outflows in the spot market, which have added to the downward pressure on HBAR's price. Additionally, the overall market environment has been challenging, with significant liquidations of leveraged positions across various cryptocurrencies, including Bitcoin and Ethereum, which have seen substantial declines.
Hedera's price has plummeted by 20.09% today, with the current price standing at $0.265692. The cryptocurrency reached a high of $0.332473 earlier in the day but has since fallen to a low of $0.258063.