HBAR, based on Hedera Hashgraph technology, has faced a sharp decline in price and high liquidation rates in the futures market. This article explores the recent changes and their potential impact on the asset's future.
HBAR Price Drop and Liquidations
The price of HBAR has dropped 17% since Sunday and 9% in the past 24 hours, reaching $0.24. Long liquidations accounted for 88% of total liquidations in the futures market, indicating overwhelming bearish sentiment among traders.
Institutional Money Flees HBAR
The Smart Money Index has fallen to 0.98, indicating that institutional investors and experienced traders are exiting HBAR positions. This may suggest that market-savvy participants are reducing their exposure to the cryptocurrency in anticipation of further negative trends.
Cryptocurrency Market Dynamics and Support at $0.22
HBAR is currently trading just above a critical support level at $0.22, which may serve as a last barrier before a potential drop to $0.18. If selling pressure continues, a further decline in prices may be expected.
The recent decline in HBAR's price and the prevalence of liquidations indicate significant bearish sentiment in the market. The exit of institutional investors exacerbates the situation, leaving the asset little chance of recovery without substantial positive catalysts.
