Concerns over North Korean hackers trading on the Hyperliquid exchange have sparked significant outflows, impacting the broader crypto market, including Hedera (HBAR). Security expert Taylor Monahan revealed that digital wallets linked to these hackers have been active on the platform since October, leading to a rush of traders withdrawing funds. This panic has resulted in over $112 million worth of USDC leaving the exchange, causing a ripple effect across various cryptocurrencies. The heightened anxiety surrounding security vulnerabilities has contributed to a bearish sentiment, affecting HBAR's price.
Additionally, technical analysis suggests that HBAR is approaching critical support levels, which could determine its next move. Crypto analyst Zen highlighted potential retracement zones between $0.187 and $0.207, with a more substantial support level between $0.102 and $0.120. The current bearish momentum, characterized by lower highs and declining volume, indicates that HBAR might test these support zones before any potential recovery. Traders are advised to watch these levels closely, as they could provide insight into HBAR's future trajectory.
Hedera's price has decreased by 2.95% today, reaching a low of $0.282577.