Over the last 24 hours, the price of Hedera has been facing intense bearish pressure as sellers pushed the price toward the low of $0.18. HBAR price recorded a drop of nearly 0.08%, touching the low near $0.1801. Additionally, Hedera’s trading volume has surged by 23% in the last 24 hours, reaching $479 million.
Looking at a longer timeline, Hedera’s price dropped below $0.39 on December 3 and has been decreasing since then. In early February, HBAR price crashed and it recorded a low around $0.177 and it continues to trade around that level. Its market capitalization has dropped by 0.08% to $8.47 billion in the last 24 hours.
Bulls Lose Confidence in Hbar Price
Over the last 24 hours, there has been a strong domination by the sellers to gain control of the price chart. As a result, the price of Hbar dropped heavily toward the low of $0.18, resulting in significant loss of confidence among buyers.
In the past 24 hours, there’s been a downward trend in the Hbar price chart. According to Coinglass, about $1.05 million worth of Hedera trades were settled recently, with $831.3K of that from buyers who had to close their positions betting on price increases.
Amid these price challenges, interest in trading Hedera has gone down. The open interest, which tracks the total unsettled trading contracts, has declined to $155 million, showing lower activity by 0.4% from yesterday’s rate.
Additionally, the market might bleed more in the coming hours as fewer traders are betting on price surges compared to those betting on price drops. Currently, about 37% of traders believe Hedera’s price will surge, while 63% think it will decline.
Hedera Price Prediction: Technical Analysis
As the overall crypto market witnessed a solid decline in the last few hours, HBAR price failed to meet buyers’ demand. As a result, the Hbar price dropped below the crucial support level of $0.2 and touched a low around $0.18. Currently, the HBAR price is at $0.2043, having dropped over 0.01% in the last 24 hours.
The HBAR/USDT trading pair remains below $0.2, showing strong selling pressure from bearish traders. This price point is significant as both side traders might increase their domination around this level.
As the price hovers below the EMA20 trend line on the 1-hour chart, sellers could attempt to break below $0.175. As a result, we might see a downward correction toward $0.119.
With the Relative Strength Index (RSI) remaining around the buying zone at level 55, the buying dominance rises. A rebound from the $0.18-$0.2 zone might strengthen bullish dominance, resulting in a recovery toward $0.23 by breaking the descending trend line.
Hedera Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, Hbar price might aim for a drop below $0.175. If the price moves above that level, we might see a trade around $0.2. On the down side, $0.119 is the range.
Long-term: According to Coincodex’s current Hedera Hashgraph price prediction, the price of Hedera Hashgraph is expected to rise by 121.54% and reach $0.411177 by March 30, 2025. Coincodex’s technical indicators reveal a bearish sentiment while the Fear & Greed Index indicates extreme fear at 16. Over the last 30 days, Hedera Hashgraph has experienced 12 green days out of 30, with a price volatility of 13.99%. Based on this forecast, it is currently considered a bad time to buy Hedera Hashgraph.
HBAR price is trading at $0.2043 at the time of writing. The HBAR price has dropped by over 0.01% in the last 24 hours.
Throughout the day, the Hbar price might aim for a drop below $0.175. If the price moves above that level, we might see a trade around $0.22. On the down side, $0.119 is the range.
According to long-term forecasts, the HBAR price might reach $0.41 by March 30. This makes HBAR price a good investment considering its monthly yield.
Investment Risks for HBAR
Investing in Hedera can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
