HBAR, the native coin of the Hedera blockchain, is down 1.2% in the last 24 hours despite positive development within the ecosystem. At press time, HBAR is trading at $0.235, but could rally higher in the near term.
The negative performance comes despite the global payments network SWIFT launching live blockchain trials featuring Hedera. In addition to that, asset manager Grayscale filed a Delaware trust for HBAR, a move viewed by some as laying groundwork for a future spot HBAR ETF.
However, HBAR’s value hasn’t increased as the broader crypto market is still bleeding. The bearish market conditions can be attributed to the hawkish FOMC minutes released on Thursday. The recent inflation data and the hawkish FOMC minutes have dented hopes of a September rate cut by the Fed.
This resulted in Bitcoin dropping below $113k while Ether continues to struggle around the $4,200 mark.
The HBAR/USD 4-hour chart is bearish and efficient thanks to the market’s ongoing correction. The technical indicators are also bearish, suggesting that sellers are currently in charge.
The MACD lines are within the negative territory, while the RSI of 42 shows that HBAR’s current outlook is bearish. If the selling pressure continues, HBAR could drop below yesterday’s low and retest the Monthly low of $0.22461. The bulls would defend this support zone, as failure to do so could see HBAR drop massively to the $0.19 region.
