Hedera Takes a Hit, Is $0.24 the Bounce Point or Just a Pitstop on the Way Down?

• Hedera is trading at $0.24, down by over 9%.
• HBAR’s trading volume has increased by 13%.

The crypto market is waving a red flag with a dip of over 3.2%, with the market cap reaching $3.76 trillion. The largest asset, Bitcoin (BTC) and the largest altcoin, Ethereum (ETH), are trading on the downside at $115.4K and $3.6K. Turning toward the altcoins, Hedera (HBAR) has steadily plunged by over 9.24%.

HBAR kicked off the day trading at a high of $0.278. Eventually, with the bears entering, the asset chose to retrace, visiting its daily low at around $0.2467. More losses could strengthen the bears and invite the death cross to unfold. According to the CMC data, at press time, Hedera traded within the $0.2465 zone

With its market cap staying at $10.44 billion, the daily trading volume of HBAR is up by over 13.42%, reaching the $682 million mark. Meanwhile, the market has experienced a liquidation of $2.66 million worth of Hedera during the last 24 hours, as reported by the Coinglass data

Will the Bears Loosen Grip on Hedera?

The technical analysis of Hedera exhibits a negative sentiment, with the Moving Average Convergence Divergence (MACD) line and the signal line below the zero line. This crossover indicates a strong downtrend. Besides, the Chaikin Money Flow (CMF) indicator found at -0.10 suggests a mild selling pressure in the market. The negative value hints that the money is flowing out of the asset than it is flowing in

*HBAR chart (Source: TradingView)*HBAR’s four-hour price chart shows that it could immediately slip and test the support at the $0.2458 range. An extended downside correction might trigger the price toward its previous low of around $0.2450. Contrarily, if Hedera gains bullish momentum, it might climb to the nearest resistance at the $0.2471 level. A further correction on the upside could likely send the asset’s price above the $0.2478 mark

*HBAR chart (Source: TradingView)*In addition, the daily Relative Strength Index (RSI) is stationed at 37.51, implying that the asset may be approaching the oversold zone. Also, it gives a potential caution that the active momentum is weak. Hedera’s Bull Bear Power (BBP) reading of -0.01681 signals that the bears currently have more control. If the value continues to drop, it would point to the continuation of this ongoing downtrend of the asset.

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