The post Hedera (HBAR) Faces Potential Further Declines Amid Bearish Trend and Decreased Social Dominance appeared on BitcoinEthereumNews.com.

Hedera (HBAR) has encountered a significant price drop recently, indicating a shift in market sentiment towards a bearish trend amidst declining social dominance. Over the past week, HBAR’s price has plummeted nearly 17%, raising concerns among investors about the sustainability of any recovery. According to industry analysts, “The failure to maintain above key support levels could lead HBAR’s value to test new lows, potentially hitting $0.17.” – COINOTAG Source This article discusses Hedera’s recent price decline, key technical indicators pointing towards bearishness, and the implications for future price movements. Assessing the Shift: From Bullish to Bearish for Hedera (HBAR) The recent price action of Hedera (HBAR) reflects a notable transition from a bullish to a purely bearish sentiment in the market. The cryptocurrency has fallen below the significant 20-period Exponential Moving Average (EMA) on the 4-hour chart, a signal that often indicates a sustained downtrend. This shift is concerning for traders since historically, crossing below the EMA tends to lead to further price declines. Traders often use the EMA as a reference point for placing trades. When the price falls below this moving average, it can suggest that seller dominance is increasing, which often precedes more pronounced downward movements. The last recorded price of HBAR at $0.29 suggests a precarious position; should this trend continue, further declines seem inevitable. Impact of Social Dominance on HBAR’s Market Performance Further compounding the bearish outlook for HBAR is a notable decline in its social dominance. This metric serves as a barometer for market discussions surrounding a cryptocurrency. A spike in social dominance typically correlates with increased interest and potential price rises, while a downturn can indicate fading enthusiasm. On December 3, Hedera achieved a social dominance peak of 3.5%, but this has since dwindled to approximately 1.12%. Such a marked decrease suggests that…

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Filed under: News - @ December 10, 2024 2:25 pm