Hedera (HBAR) has experienced a notable decline today, primarily due to a failure to maintain its momentum above the $0.4 mark. This has resulted in a steep drop towards $0.34, as reported by Blockchain Reporter. The decline in price is accompanied by a significant reduction in trading volume, which fell by 57.1% to $1.15 billion. The market cap also decreased by 6.5%, reaching $13.37 billion. The liquidation of long positions worth $3 million has further contributed to the downward pressure on HBAR, as traders closed their positions in anticipation of a price increase that did not materialize.
Despite the recent downturn, there is still a sense of optimism among traders, with a long/short ratio of 1.3175 indicating that more traders are betting on a price increase. However, the open interest has fallen by over 13%, suggesting a decrease in trading activity. Technical analysis suggests that if HBAR can hold above $0.35, it may favor buyers and potentially lead to a price increase towards $0.4. The current market sentiment remains bullish, with a Fear & Greed Index level of 77, representing 'Extreme Greed.'
The current price of Hedera is $0.358197, reflecting a 4.51% decrease today.