Hedera's Crypto Struggle: A Look at Recent Price Drops

Hedera's cryptocurrency, HBAR, has been on a rough ride lately. It hit its lowest point in a year, dropping from $0. 1202 to $0. 1127 in just one day. This wasn't just a small dip; it was a big fall that caught many off guard. The trouble started when HBAR couldn't hold onto gains above $0. 1218. Instead of going up, it started to slide down. People who bought it at higher prices decided to sell, adding to the downward pressure. This is a common pattern in the crypto world, where profit-taking can lead to further declines. What's interesting is the volume of trades. On December 14th, the number of HBAR tokens traded shot up to 69. 18 million, which is a huge jump from the usual 32. 8 million. This spike happened when HBAR was testing a key resistance level at $0. 1194. But instead of breaking through, the price got rejected, leading to a wave of selling. After this rejection, the price kept falling, breaking through support levels. The volume of trades also started to drop, which usually means that big investors are losing interest. This is a red flag for any cryptocurrency. Looking at the bigger picture, HBAR is now trading at its lowest point since November 2024. The only time it was lower was during a brief spike in October. This shows that the market is in a tough spot right now.For those keeping an eye on HBAR, there are some key levels to watch. The resistance level at $0. 1194 is crucial. If HBAR can break through this level, it might have a chance to recover. But if it can't hold onto support at $0. 1121, it could fall even further, retesting the $0. 11 level. The volume analysis also gives some clues. The peak volume of 69. 18 million tokens confirmed the strength of the resistance level. But the 750% volume spike at the end of the session shows that big investors are still interested, even if they've been quiet for a while. Chart patterns also tell a story. The descending trendline from the $0. 1218 high has been broken, but the price is still within a consolidation range between $0. 1129 and $0. 1193. This means the market is still trying to find its direction. In the end, HBAR's future is uncertain. It could break out and rise above $0. 1194, targeting the previous high near $0. 1218. But if it can't hold onto support at $0. 1121, it could fall further, retesting the $0. 11 level. It's a risky game, and only time will tell what happens next.