Over the last 24 hours, the price of Hedera has dropped steeply as it faced selling pressure around $0.322. HBAR price recorded a drop of nearly 5.2%, touching the low near $0.295. Additionally, Hedera’s trading volume has dropped by 22.13% in the last 24 hours, reaching $375 million.
Looking at a longer timeline, Hedera’s price dropped below $0.39 on December 3 and has been decreasing since then. However, after maintaining a stable range between $0.23 and $0.25 for some time, Hedera has begun to recover, preventing further price drops. Its market capitalization has dropped by 5.7% to $11.6 billion in the last 24 hours.
HBAR Records 8% Decline in Open Interest
Since Trump became president, there has been a spike in interest in buying Hedera (HBAR). Despite Trump’s orders aimed at boosting the cryptocurrency market, HBAR’s price is still struggling to break through certain levels. Currently, buyers are working hard to maintain the price at $0.35, but it’s proving to be difficult.
In the last day, there has been significant trading activity in Hedera, particularly from buyers trying to drive the price higher. Coinglass reports that around $607,000 worth of Hedera trades were settled recently, with $551,000 of that from buyers who had to close their positions after betting on rising prices.
Following these price challenges, interest in trading Hedera has decreased. The open interest, which measures the total unsettled trading contracts, has dropped to $342 million. This indicates an 8.4% decrease in market activity compared to the previous day.
However, the market might try to move upward as fewer traders are now betting on price declines compared to those betting on price increases. Currently, about 68% of traders are bullish about Hedera’s price going up, while 32% believe it will go down.
Hedera Price Prediction: Technical Analysis
As Donald Trump returns to the White House, the crypto market is seeing a rise. However, the price of Hedera Hashgraph (HBAR) is still encountering resistance around $0.35. Currently, the HBAR price is at $0.302, having dropped over 5% in the last 24 hours.
The HBAR/USDT trading pair remains under $0.35, showing strong selling pressure from bearish traders. This price point may continue to be a significant barrier, as short-term holders (STHs) might opt to sell off their positions at this level.
If the price stays below the EMA20 trend line on the 1-hour chart, sellers could attempt to push it down towards $0.26 along the downtrend line.
With the Relative Strength Index (RSI) remaining below the midline at 40, there could be a retest of the support level. Should the price stabilize above $0.32, it could shift the advantage to the buyers, potentially driving the price up to $0.35.
Hedera Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, Hbar price might continue to struggle below $0.35. If the price moves above that level, we might see a trade around $0.37. On the down side, $0.26 is the range.
Long-term: According to the Hedera Hashgraph price prediction provided by Coincodex, the price of Hedera Hashgraph is expected to increase by 17.79% and reach $0.35789 by February 28, 2025. Coincodex’s technical indicators suggest that the current market sentiment is neutral, while the Fear & Greed Index indicates a score of 72, signifying greed. Over the past 30 days, Hedera Hashgraph has seen 13 green days, which is 43% of the time, with a price volatility of 9.35%. Based on this forecast from Coincodex, it is currently considered a good time to buy Hedera Hashgraph.
How much is Hedera price today?
HBAR price is trading at $0.302 at the time of writing. The HBAR price has dropped by over 5% in the last 24 hours.
What is the Hedera price prediction for January 29?
Throughout the day, the Hbar price might continue to struggle below $0.35. If the price moves above that level, we might see a trade around $0.37. On the down side, $0.26 is the range.
Is Hedera a Good Buy Now?
According to long-term forecasts, the HBAR price might reach $0.357 by February 28. This makes HBAR price a good investment considering its monthly yield.
Investment Risks for HBAR
Investing in Hedera can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
