Hedera Hashgraph Price Decline: HBAR Retracing to Previous Levels
The cryptocurrency market has been abuzz with the recent price movements of Hedera Hashgraph (HBAR), which saw a six-day consecutive decline after a significant surge in price.
The price of HBAR initially followed a stable trajectory from around $0.08 to $0.09, but on 23rd April, it experienced a massive 73.65% surge, reaching $0.15. This surge was triggered by a now-deleted announcement from the Hedera Foundation regarding a tokenization move involving Blackrock.
However, the price began to decline on 24th April, dropping by 20.58% and settling at $0.12. This decline continued for six consecutive days, bringing the price back to its pre-surge range. Despite the downturn, HBAR has maintained a bullish trend, with its Relative Strength Index remaining above the neutral line.
The volume and market capitalization of Hedera also saw significant fluctuations corresponding to the price movements. The volume spiked to over $1 billion during the surge and decreased to around $135 million as of the latest update. Similarly, the market cap surged to over $6 billion during the price spike and was around $3.6 billion at the time of writing.
The surge in price attracted significant cash inflow, with the Open Interest metric soaring to over $147 million before sharply declining to around $80 million. This decline in Open Interest suggests a waning interest in Hedera Hashgraph, signaling the end of its short-lived positive run.
As investors and traders monitor the price movements of HBAR, the future trajectory of the cryptocurrency remains uncertain. Stay tuned for more updates on the cryptocurrency market and the potential recovery of HBAR.
