Hedera (HBAR) has experienced a notable decline today, driven by a combination of technical and market factors. The cryptocurrency has slipped below the 20-period Exponential Moving Average (EMA) on the 4-hour chart, signaling a bearish trend. This technical indicator often serves as a resistance level during downtrends, suggesting that HBAR's value could continue to fall. Additionally, Hedera's social dominance has decreased significantly from its peak on December 3, indicating waning interest and reduced attention from the market. This decline in social buzz, coupled with a drop in the Chaikin Money Flow (CMF), points to rising selling pressure, which could further depress HBAR's price.
The broader crypto market has also been affected by Bitcoin's recent volatility. Bitcoin's retreat from the $100,000 mark triggered widespread liquidations and a market-wide selloff, impacting many altcoins, including HBAR. As Bitcoin's price fell, it created a ripple effect across the market, causing altcoins to dip. This market sentiment has contributed to the downward pressure on HBAR, as investors reassess their positions amid the current volatility.
Hedera's price has decreased by 1.26% today, with the current price at $0.277601. The cryptocurrency reached a high of $0.300298 and a low of $0.274840 during the day.