HBAR, the native token of the Hedera ecosystem, is underperforming despite achieving a new milestone.
The cryptocurrency market has continued its poor start to the week. In the past 24 hours, the cryptocurrency market has lost almost 5% of its value. As a result, the total market cap fell below the $1 trillion mark for the first time this week.
If the bears remain in control then bitcoin has declined below $22k and may lose support near $21k.
Ether, the second largest cryptocurrency by market cap, is also down by over 9% in the past 24 hours and is currently trading below the psychological level of $1,500.
However, HBAR, the native token of the Hedera blockchain, has been underperforming over the past 24 hours. HBAR has lost over 6% of its value to date and could be in line for further losses.
HBAR’s poor performance comes despite the Hedera network reaching a new milestone.
According to the HBAR Foundation, the development team behind the Hedera blockchain, the Hedera network has reached one million HBAR accounts on the Hedera mainnet.
Now we have 1,000,000+ . have crossed #HBAR account on @hedera mainnet
with #hederaNFT community is flying, grantees are going live, and #dfi And #gamefi About to fly – we all look forward to seeing #HBARbarians 2,000,000+ . new and old #hederaheatwave pic.twitter.com/Hnl4KjlNn1
— HBAR Foundation (Instant Hedera) (@HBAR_foundation) 25 July 2022
prime level to watch
The HBAR/USD 4-hour chart is bearish as Hedera has been underperforming over the past few days. Technical indicators suggest that HBAR may struggle further in the coming hours or days.
The MACD is below the neutral zone, indicating strong bearish momentum for HBAR. The 14-day Relative Strength Index of 37 also indicates that HBAR may soon enter oversold territory.
As of press time, HBAR is trading at $0.06364 per coin. If the bearish trend continues, HBAR may decline below the $0.06035 support level before the end of the day.
Unless there is a long losing streak, HBAR should hold its price above the $0.005860 support in the near term.