Hedera's HBAR token is experiencing significant downward pressure today, primarily driven by a wave of liquidations in the crypto market. A substantial $9,255 long liquidation at $0.28773 has intensified bearish sentiment, pushing the price to its lowest point of the day. This liquidation event has created a critical inflection point for HBAR, as traders grapple with heightened volatility and selling pressure. The broader crypto market is also under strain, with major tokens like Dogecoin and Bitcoin experiencing notable declines, further contributing to the negative sentiment surrounding HBAR.
The market's bearish momentum is compounded by a broader sell-off in the crypto space, as evidenced by the $560 million in liquidated long positions across various cryptocurrencies. This market-wide downturn is attributed to fresh economic data that has led to a surge in U.S. treasury yields, prompting investors to reassess their risk exposure. As a result, HBAR has struggled to maintain its support levels, with traders closely monitoring the $0.2750 zone for potential bullish counteraction.
HBAR's price has fallen by 7.12% today, reaching a low of $0.268894.