Hedera's native token, HBAR, has experienced a significant decline today, driven by a combination of technical weaknesses and broader market pressures. The token's failure to surpass the $0.40 resistance level has led to a retracement to $0.25, introducing uncertainty among traders. This bearish sentiment is reflected in the futures market, where open interest has dropped by $150 million, indicating a lack of confidence in a swift recovery. The Relative Strength Index (RSI) has also declined to a three-month low, suggesting increasing downward pressure and complicating breakout attempts.
Adding to the downward pressure, the broader cryptocurrency market is facing turmoil due to the onset of a US trade war, which has led to massive liquidations across the board. This has resulted in a crypto bloodbath, with major cryptocurrencies like Ethereum experiencing significant losses. The heightened market volatility and uncertainty have contributed to the bearish sentiment surrounding HBAR, as traders remain cautious and exit leveraged positions.
The current price of Hedera is $0.258128, reflecting a 6.19% decrease today. The token reached a high of $0.277228 and a low of $0.246557 during the day.