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Hedera suffered a sharp decline during the past week, with its price falling to $0.130 after a loss of more than 18%.
This decline is significant because HBAR has fallen below a vital support level that protects investors’ profits for more than a month.
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Hedera follows the king
Hedera’s correlation with Bitcoin is currently at 0.97, one of the highest readings in recent months. This near-perfect relationship indicates that HBAR’s price movement closely mirrors Bitcoin’s price movement.
This strong consensus is especially problematic during periods when Bitcoin faces significant pressure, as was seen last week.
With Bitcoin falling to $84,408, HBAR action Almost parallel. The high correlation cast a shadow on Hedera’s ability to move independently, making Bitcoin’s decline one of the main drivers behind the altcoin’s recent losses.
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Macro momentum indicators reinforce the bearish picture. The Chaikin Money Flow Index is near an eight-month low, indicating significant capital outflow from HBAR.
The CMF measures buying and selling pressure, and a deep negative reading indicates that investors are withdrawing money at an accelerated rate.
These continued flows add pressure to the already declining price trend. When liquidity runs out of assets, sales increase and efforts to recover decrease.
Unless the flows return, HBAR can continue Having difficulty regaining upward momentum.
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The price of HBAR could decline
Hydra coin fell 18% this week after slipping below the important support level $ 0.162, which it held for more than a month.
The loss of this support for the digital currency has revealed further declines and an increase in volatility as the negative sentiment in the market increases.
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Since general economic conditions have not improved, Hydra coin may drop At $0.120 from its current price of $0.129.
A drop below $0.120 could lead to additional losses, sending the price towards $0.110 as selling pressure increases.
If the upward impulse returns, You can try Hydra coin Recovery. A move above $0.133 would be the first step towards stabilizing the trend.
A break above $0.145 could open the way to $0.154 and beyond, eliminating the negative outlook and restoring confidence to investors.
