Will HBAR Price Drop Erase All Its Recent Gains? | Airdrop Alert Pro

ivy (HBAR) has become the biggest loser among the top 100 cryptocurrencies after losing 20% ​​in price over the past 24 hours. this HBAR Price Price jumps 180%, only to drop hours later

BeInCrypto’s findings suggest that the recent significant market decline may be related to increasing speculation about a potential successor to the US SEC chairmanship. However, this is not the only factor affecting the recession.

As a result, the Ivy declined in multiple areas

HBAR witnesses price surge This comes after Canary Capital submitted its first exchange-traded fund (ETF) application for the asset. The news was a major milestone for Hedera, injecting optimism among investors and triggering an initial price increase.

However, the triple-digit rise in HBAR’s price appears to be closely tied to speculation that US President-elect Donald Trump may nominate Hedera board member Brian Brooks to be the next SEC chairman.

But yesterday, November 19, the rumors changed, with some media platforms suggesting that crypto lawyer Teresa Goody Guillen may now be the top candidate. As a result, HBAR prices fell by 20%.

With this development, total open interest (OI) in HBAR derivatives fell from $120 million to $100.95 million.

The decline in open interest reflects a decrease in speculative activity, as fewer traders are opening new positions. Furthermore, a reduction in speculative activity tends to lead to a reduction in liquidity, suggesting Altcoins It may be difficult to sustain the recent uptrend.

Additionally, positive sentiment surrounding the project, which had previously increased, has now waned. Typically, a rise in positive sentiment indicates a surge in bullish comments about a cryptocurrency.

However, the recent decline in sentiment suggests a decrease in these bullish discussions. If this trend continues, further Challenging HBAR’s price power It will rise further in the short term.

HBAR Price Prediction: Bearish

From a technical perspective, HBAR price drop could be due to In fact, altcoins are already overbought. This is determined by the relative strength index (relative strength index), measuring momentum,

In addition to measuring momentum, RSI also shows whether a cryptocurrency is overbought or oversold. When a reading is above 70.00, it is overbought. On the other hand, if it is below 30.00, it is oversold.

In this case, the HBAR price may drop from $0.13 to $0.095. However, if Buying pressure Altcoins are increasing again and this may change. If this happens, HBAR could rise to $0.016.