- Hedera dropped to $0.10 as Bitcoin fell to lows of $65,680.
- Ethereum (ETH) has shed 5.3% to under $1,950; XRP, Solana, and BNB also dipped.
- HBAR price could retreat to support at $0.088.
Hedera’s HBAR token is under pressure as leading cryptocurrencies Bitcoin and Ethereum trim recent gains.
The altcoin has dropped to $0.10 as bears show dominance amid broader market caution, with BTC giving up gains to under $66,000.
Several of the top 10 coins are down too, losing 3-5% of their respective prices in the past 24 hours as of writing.
Downside risks for BTC, ETH, and Solana, among other cryptocurrencies, could accelerate declines for HBAR.
Hedera dips as Bitcoin sheds gains
As noted, Hedera is struggling to hold gains near $0.10 as Bitcoin faces renewed selling pressure.
The benchmark digital asset is trading around $66,230 after testing lows of $65,680 and being down more than 3% in early US trading hours.
Bears showed up as negative sentiment threatens to entrench once again despite a decent uptick in spot ETF outflows over the week.
Bitcoin reversed its gains as US stock futures flipped lower, with investor concerns over AI and its impact reemerged.
A lot of the risk asset jitters on the day came as Jack Dorsey’s Block announced it was slashing its workforce by 4,000.
Tech stocks fell this week despite Nvidia’s earnings beat, and the cascade has seen BTC fail to cement gains near $70.
Analysts say Bitcoin could yet fall to support at $60k or lower before rebounding higher in coming months.
With BTC posting downward movement, Ethereum (ETH) shed 5.3% to under $1,950, while XRP (XRP), Solana (SOL), and BNB also registered losses. The HBAR cryptocurrency is currently -3% in the 24-hour timeframe.
The HBAR cryptocurrency is currently -3% in the 24-hour timeframe.
HBAR price analysis
Losses across the market come as caution returns. ETF holders and treasuries have snapped up Bitcoin at low prices, but shorts are not done yet.
However, while HBAR’s price is down on the day, the trading volume of $137 million in the last 24 hours is also down by more than 5%.
Bulls may fail to stem the slide as price tests the $0.10 support, but decreased volume points to a potential seller exhaustion.
Other technical indicators outline this mixed short-term outlook, with RSI around 51 suggesting potential upside momentum before HBAR hits overbought conditions.
The token is also showing consolidation near the upper Bollinger Band, with short-term moving averages converging at that level as a pivot.
A break above the upper band, which is also at the resistance line of a descending channel, could see Hedera reclaim $0.12. The 200-day EMA offers the first major hurdle around $0.14.
However, the MACD indicator shows a potential bearish flip as the histogram shrinks near zero.
While volume hints at possible exhaustion in selling, a bearish cross could heighten chances of a dip below $0.10, with support at $0.088 and $0.079.
