Hedera (HBAR) has experienced a significant decline today, driven by a broader downturn in the cryptocurrency market. The drop comes as Bitcoin, a major market influencer, fell by 3% after briefly surpassing the $100,000 mark earlier in the day. This decline in Bitcoin has had a ripple effect across the crypto market, impacting other major assets, including HBAR. The market's reaction is part of a larger trend where several top cryptocurrencies, such as Dogecoin and XRP, have also seen substantial losses, with each falling by approximately 8% over the past 24 hours.
Adding to the pressure on HBAR is the recent weakening of its uptrend. Despite a remarkable 506% surge over the past month, the Average Directional Index (ADX) for HBAR has dropped to 24.2, indicating a diminishing trend strength. This technical indicator suggests that the bullish momentum that propelled HBAR to a peak of $0.39 on December 3 is waning, leading to a consolidation phase. The Ichimoku Cloud analysis further supports this view, showing that while HBAR remains above the cloud, indicating bullish sentiment, the price is facing resistance near its recent highs.
The current price of Hedera (HBAR) is $0.285340, marking a sharp decline of 14.18% today. The cryptocurrency reached a high of $0.332473 earlier but has since fallen to its lowest point of the day.