Hedera Hashgraph’s HBAR Faces 3.6% Price Decline

Hedera Hashgraph’s native token, HBAR, experienced a 3.6% decline within 23 hours due to significant institutional selling, impacting market stability and breaking crucial technical support levels.

The selloff underscores potential market stress with implications for HBAR’s future value, as no official statements have been issued by Hedera’s leadership to address investor concerns.

HBAR, Hedera Hashgraph’s native token, witnessed a 3.6% price drop over a 23-hour period influenced by strong institutional sell pressure. This event has further deepened the token’s bearish trend. Core leaders, Mance Harmon and Dr. Leemon Baird, have yet to make public statements regarding this selloff. “No official statements were made addressing the recent selloff,” said Mance Harmon, Co-Founder & CEO, Hedera Hashgraph. Source

The price of HBAR fell from $0.23 to $0.22, causing a critical support level to be breached. A significant part of the decline happened between 13:50 and 14:00 UTC with high trading volumes indicating large-scale institutional activity rather than retail.

The market impact is significant, revealing a clear pattern of institutional distribution. No correlated movements were observed in Bitcoin  BTC -0.65% or Ethereum  ETH -2.10% , highlighting HBAR’s divergence from broader market trends. Regulatory bodies like the SEC have not issued any statements.

Past trends, like the 2021 corrections, show that HBAR’s tight correlation with BTC has lessened. The current state suggests HBAR may not align with general altcoin declines, reducing immediate spillover risks. Insights indicate the potential for further downside pressure.

With a correlation to BTC dropping to a 0.48 two-month low, HBAR’s isolation in its recent performance is apparent. The absence of strategic responses or commentary from Hedera’s executive suite or prominent crypto opinion leaders leaves room for market speculation.