Hedera's (HBAR) price has been under pressure today, driven by a broader selloff in risk assets following a sharp rise in bond yields. This has led to a decline in investor appetite for cryptocurrencies, including HBAR. The bearish sentiment is further exacerbated by a significant increase in short positions, as traders anticipate further price declines. According to Coinglass, HBAR's Long/Short Ratio stands at 0.86, indicating a preference for short positions, with 86 long positions for every 100 short positions. This reflects a growing expectation among traders that HBAR's price will continue to fall.
The decline in HBAR's price is also mirrored in its futures market, where open interest has dropped by 17% over the past six days, signaling reduced market participation. This decrease in open interest suggests that traders are closing their positions rather than opening new ones, reflecting a lack of confidence in HBAR's potential for a price rebound. Additionally, the falling Accumulation/Distribution Line indicates a decrease in buying activity, further supporting the bearish outlook for HBAR.
Hedera's price has decreased by 1.04% today, currently trading at $0.275083. The cryptocurrency reached a high of $0.287511 and a low of $0.258884 during the day.