Hedera's (HBAR) price has faced downward pressure today, primarily due to its failure to break through the critical resistance level of $0.33. Despite a surge in open interest and positive funding rates indicating strong trader confidence, the altcoin has struggled to maintain upward momentum. The MACD indicator had suggested a potential bullish crossover, but the inability to breach $0.33 has led to a reversal in sentiment, causing traders to reassess their positions. This has resulted in a sell-off, pushing the price lower.
Adding to the bearish sentiment, Arthur Hayes, former CEO of BitMEX, recently commented on the broader crypto market, suggesting that a "Trump dump" correction had already occurred in December. While Hayes anticipates positive momentum in the first quarter of 2025 due to increased dollar liquidity, his outlook for a market peak in March may have contributed to cautious trading behavior among HBAR investors. This cautious sentiment, combined with the technical resistance, has led to today's price decline.
Hedera's price has dropped by 2.49% today, reaching a low of $0.300416.