HBAR, the native token of the Hedera ecosystem, has been underperforming despite reaching a brand new milestone.
The cryptocurrency market has continued its poor begin to the week. Over the final 24 hours, the cryptocurrency market has misplaced almost 5% of its worth. As a consequence, the entire market cap has dropped under the $1 trillion mark for the primary time this week.
Bitcoin has dropped under $22k and will lose the help degree round $21k if the bears proceed to stay in management.
Ether, the second largest cryptocurrency by market cap, is additionally down by more than 9% within the final 24 hours and at the moment trades under the $1,500 psychological degree.
However, HBAR, the native token of the Hedera blockchain, has been underperforming during the last 24 hours. HBAR has misplaced more than 6% of its worth up to now at present and might be in line for additional losses.
HBAR’s poor efficiency comes despite the Hedera community reaching a brand new milestone.
According to the HBAR Foundation, the event crew behind the Hedera blockchain, the Hedera community has reached a million HBAR accounts on the Hedera mainnet.
With the #HederaNFT group blowing up, grantees going dwell, and #DeFi & #GameFi about to take off – we look ahead to seeing all of the #HBARbarians new and previous at 2,000,000+ 🔥 #HederaHeatWave pic.twitter.com/Hnl4KjlNn1
— The HBAR Foundation (Accelerating Hedera) (@HBAR_foundation) July 25, 2022
Key ranges to observe
The HBAR/USD 4-hour chart is bearish as Hedera has been underperforming over the previous few days. The technical indicators present that HBAR may battle additional over the approaching hours or days.
The MACD is under the impartial zone, indicating robust bearish momentum for HBAR. The 14-day relative power index of 37 additionally reveals that HBAR may quickly enter the oversold area.
At press time, HBAR is buying and selling at $0.06364 per coin. If the bearish pattern continues, HBAR may drop under the $0.06035 help degree earlier than the top of the day.
Unless there is an prolonged dropping streak, HBAR ought to preserve its worth above the $0.005860 help degree within the quick time period.