HBAR, the native token of the Hedera ecosystem, has been underperforming despite reaching a brand new milestone.
The cryptocurrency market has continued its poor begin to the week. Over the final 24 hours, the cryptocurrency market has misplaced almost 5% of its worth. As a outcome, the overall market cap has dropped beneath the $1 trillion mark for the primary time this week.
Bitcoin has dropped beneath $22k and will lose the assist degree round $21k if the bears proceed to stay in management.
Ether, the second largest cryptocurrency by market cap, is additionally down by more than 9% within the final 24 hours and at the moment trades beneath the $1,500 psychological degree.
However, HBAR, the native token of the Hedera blockchain, has been underperforming over the past 24 hours. HBAR has misplaced more than 6% of its worth thus far immediately and could possibly be in line for additional losses.
HBAR’s poor efficiency comes despite the Hedera community reaching a brand new milestone.
According to the HBAR Foundation, the event group behind the Hedera blockchain, the Hedera community has reached a million HBAR accounts on the Hedera mainnet.
We’ve now handed 1,000,000+ #HBAR accounts on the @Hedera mainnet ????
With the #HederaNFT neighborhood blowing up, grantees going reside, and #DeFi & #GameFi about to take off – we look ahead to seeing all of the #HBARbarians new and previous at 2,000,000+ ???? #HederaHeatWave pic.twitter.com/Hnl4KjlNn1
— The HBAR Foundation (Accelerating Hedera) (@HBAR_foundation) July 25, 2022
Key ranges to observe
The HBAR/USD 4-hour chart is bearish as Hedera has been underperforming over the previous few days. The technical indicators present that HBAR might battle additional over the approaching hours or days.
The MACD is beneath the impartial zone, indicating sturdy bearish momentum for HBAR. The 14-day relative energy index of 37 additionally exhibits that HBAR might quickly enter the oversold area.
At press time, HBAR is buying and selling at $0.06364 per coin. If the bearish development continues, HBAR might drop beneath the $0.06035 assist degree earlier than the tip of the day.
Unless there is an prolonged dropping streak, HBAR ought to keep its value above the $0.005860 assist degree within the quick time period.
