Hedera's HBAR Plunges 13%, Loses $10B in Market Cap Amid Crypto Sell-Off

Hedera (HBAR) Price Drops 13% and Loses $10 Billion Market Cap

Hedera (HBAR), a decentralized public network, has seen its price drop by 13% in the past 24 hours, leading to a significant loss in market capitalization. The cryptocurrency, which aims to provide a secure and scalable platform for decentralized applications (dApps), has now lost over $10 billion in market value.

The decline in HBAR's price comes amidst a broader sell-off in the cryptocurrency market, with many major coins experiencing similar drops. The overall market capitalization of the cryptocurrency market has also decreased, reflecting the general bearish sentiment.

Technical indicators suggest that HBAR's current downtrend is strengthening. The rising ADX (Average Directional Index) indicates that the trend is gaining momentum, while the bearish Ichimoku Cloud setup confirms the strong bearish trend. With key support at $0.519 and a potential downside of $0.32, HBAR needs a strong reversal to reclaim $0.78 and push toward the $1 mark.

Analysts and traders are warning about potential price drops in other cryptocurrencies as well. Ali Martinez, a closely followed crypto strategist, has warned that Solana (SOL) could witness a 39% 'imminent' drop if it fails to hold above a key support level. Similarly, whales have been offloading tens of millions of dollars worth of XRP and DOGE, contributing to the overall bearish sentiment in the market.

As the cryptocurrency market continues to face uncertainty and volatility, investors are advised to conduct thorough research and consult with professionals before making any financial decisions. Please note that this article is for informational purposes only and should not be considered financial or investment advice.