Long

Hedera

Million

Coin

As Bitcoin proceeds toward the major $60K after crashing over 2.25% a day, it has triggered panic among investors. <a href="https://www.thecoinrepublic.com/price-prediction/hedera/">Hedera</a> price has been declining for the past three months, has weakened more, and crashed nearly 5.03% intraday.&nbsp; 
The weakness in the broader market has added more to the worse. HBAR fell 12% in the last couple of sessions after the $0.064 support was broken. The panic in the broader markets was hit the hardest on the altcoins, as several altcoins have loomed over 5% today. 
Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy, enabling individuals and businesses to create powerful decentralized applications. 
Hedera (HBAR) is the native cryptocurrency of Hedera Hashgraph, a platform positioned as an alternative to traditional blockchain technology, aiming to excel in speed, efficiency, and security. 
<h2 class="wp-block-heading" id="h-open-interest-data-suggests-long-unwinding">Open Interest Data Suggests Long Unwinding</h2> 
Per Santiment, there has been a similar drop in the open interest contracts and the price in the recent sessions. The open interest contracts have dropped from $23 Million to $20 Million, losing nearly 13% over the week. <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (HBAR), Price (HBAR)" width="800" height="425" src="https://embed.santiment.net/chart?ps=hedera-hashgraph&amp;pt=HBAR&amp;df=2024-07-03T18%3A30%3A01.929Z&amp;dt=2024-08-04T18%3A29%3A59.929Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
The drop in the OI data highlights the possibility of long unwindings among the traders and investors. 
Moreover, the trading volume has dropped by 17.04% to $51.46 Million a day. It has a live market capitalization of $2.02 Billion and ranks 37th in the crypto-verse. 
Out of 50 billion HBARs, nearly 35.8 billion are in circulation. This is nearly 71.7% of the total supply. Additionally, the volume-to-market cap ratio of 2.54% suggested low volatility. 
<h2 class="wp-block-heading" id="h-hedera-price-fall-may-halt-at-this-level">Hedera Price Fall May Halt at this Level</h2> 
The daily chart highlighted a sharp crash in Hedera price. This happened after the breakdown of the recent support at the $0.064 level. At press time, HBAR was exchanging hands close to $0.056, losing nearly 5.03% a day.  
<a href="https://in.tradingview.com/chart/HBARUSD/JTXLcrrg-Hedera-Price-Crashes-Towards-0-05-as-Broader-Market-Weakens/">&nbsp; </a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
However, few analysts hope that a sharp crash in Hedera may pause the next psychological support of $0.051. On the lower side, the price may fall 7% more till it reaches the next support of $0.051. 
From a technical standpoint, the price has dropped below the key exponential moving averages of 20, 50, and 200 day EMAs. It reflected weakness in the trend.&nbsp; 
Moreover, the RSI line, and the 14-day SMA line, have dropped below the mean line. This guided a bearish continuation in the short term.&nbsp; 
Bitcoin’s approach towards the $60K after a 2.25% daily drop has caused panic in the altcoins. Hedera (HBAR) has crashed 5.03% in a day and 12% over recent sessions, breaking key support at $0.064.&nbsp; 
Open interest contracts have dropped by 13% to $20 Million, indicating long unwinding. Trading volume fell 17.04% to $51.46 Million. 
The price was hovering below key EMAs, with RSI and 14-day SMA below the mean, suggesting a bearish trend. Analysts see potential support at $0.051, but a further 7% decline is possible. 
The post <a href="https://www.thecoinrepublic.com/2024/08/05/hedera-price-crashes-towards-0-05-as-broader-market-weakens/">Hedera Price Crashes Towards $0.05 As Broader Market Weakens</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Hedera Price Crashes Towards $0.05 As Broader Market Weakens

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