HBAR price drops to $0.10 as bitcoin weakness poses risk of breakout.
Bitcoin went down to $0.10 as it fell to a low of $65,680. Ethereum (ETH) down 5.3% to $1,950; XRP, Solana and BNB also dipped. HBAR price may retreat to support at $0.088.
Hedera's HBAR token is under pressure as cryptocurrencies Bitcoin and Ethereum cut recent gains.
The altcoin fell to $0.10, leaving BTC with gains below $66,000 as bears dominate the broader market.
Among the 10 major coins, it is also down, losing 3-5 percent of its value in the last 24 hours as of writing.
Downsides for BTC, ETH and Solana, among other cryptocurrencies, could accelerate HBAR declines.
Hedera is on the rise as Bitcoin piles on the gains.
As noted, Bitcoin is struggling to make gains around $0.10 as it faces renewed selling pressure.
The benchmark digital asset is trading at $66,230 after testing a low of $65,680 and falling more than 3% in US trading hours.
Despite positive ETF inflows during the week, bears are seen as negative sentiment threatens to take root again.
As U.S. stock futures flipped lower, Bitcoin reversed gains as investors' concerns about AI and its impact resurfaced.
More distressed property crises came on the day when Jack Dorsey's block announced it was cutting its workforce by 4,000.
Tech stocks fell this week despite Nvidia's earnings beat, and Cascade BTC failed to capitalize on gains made around $70.
Analysts say that Bitcoin may yet fall to $60k or lower support before returning to higher levels in the coming months.
With BTC posting a downward move, Ethereum (ETH) fell 5.3% to $1,950, while XRP (XRP) (XRP), Solana (SOL) and BNB recorded losses. HBAR cryptocurrency is currently -3% in a 24-hour period.
HBAR cryptocurrency is currently -3% in a 24-hour period.
HBAR price analysis
When caution returns, losses in the market come. ETF holders and treasuries have snapped up bitcoin at lower prices, but shorts have yet to be made.
However, despite the drop in HBAR prices on the day, the trading volume of $137 million in the last 24 hours is down more than 5%.
Bulls will fail to stop the slide as price tests the $0.10 support, but reduced volume may weaken sellers.
Other technical indicators define this mixed short-term outlook, with the RSI around 51 suggesting potential upside before the HBAR hits overbought conditions.
The token is also showing consolidation near the upper bowling band with the short-term moving averages rallying at that level as a pivot.
A break above the upper band, which is also at the resistance line of the descending channel, could recover Hedera's $0.12. The 200-day EMA presents the first major hurdle at around $0.14.
However, when the histogram approaches zero, the MACD indicator indicates a potential bearish pair.
While the volume suggests a possible weakening in the selloff, a bearish cross at $0.088 and $0.079 support could increase the chances of a dip below $0.10.
