Hedera (HBAR) has experienced a significant downturn today, driven by a combination of technical and market factors. The cryptocurrency's price has plunged 12.5% in the last 24 hours, with trading volume nearing $1 billion. This sharp decline aligns with bearish technical indicators, such as a declining Average Directional Index (ADX) and the Ichimoku Cloud, which highlight ongoing downside risks. The ADX has dropped to 27.9, indicating a weakening downtrend, though selling pressure remains strong. Additionally, a major long liquidation at $0.28773 has intensified bearish pressure, signaling heightened volatility in the HBAR market.
The bearish sentiment is further compounded by broader market sell-offs and potential bearish whale activity targeting liquidity zones. The recent liquidation events have shaken confidence among bulls, as weak hands were forced to exit, accelerating the downward momentum. The Ichimoku Cloud chart for HBAR reflects a bearish setup, with the price moving below the red cloud, indicating resistance in the current trend. This setup suggests that the downtrend may persist unless there is a significant shift in market momentum.
Hedera's price has fallen to $0.277126, marking a 2.69% decrease today. The cryptocurrency reached a high of $0.284787 earlier in the day but has since declined to its current level.