HBAR, the native token of the Hedera ecosystem, has been underperforming despite achieving a new milestone.
The cryptocurrency market has continued its poor start to the week. Over the last 24 hours, the cryptocurrency market has lost nearly 5% of its value. As a result, the total market cap has dropped below the $1 trillion mark for the first time this week.
Bitcoin has dropped below $22k and could lose the support level around $21k if the bears continue to remain in control.
Ether, the second largest cryptocurrency by market cap, is also down by more than 9% in the last 24 hours and currently trades below the $1,500 psychological level.
However, HBAR, the native token of the Hedera blockchain, has been underperforming over the last 24 hours. HBAR has lost more than 6% of its value so far today and could be in line for further losses.
HBAR’s poor performance comes despite the Hedera network reaching a new milestone.
According to the HBAR Foundation, the development team behind the Hedera blockchain, the Hedera network has reached one million HBAR accounts on the Hedera mainnet.
With the #HederaNFT community blowing up, grantees going live, and #DeFi & #GameFi about to take off – we look forward to seeing all the #HBARbarians new and old at 2,000,000+ 🔥 #HederaHeatWave pic.twitter.com/Hnl4KjlNn1
— The HBAR Foundation (Accelerating Hedera) (@HBAR_foundation) July 25, 2022
Key levels to watch
The HBAR/USD 4-hour chart is bearish as Hedera has been underperforming over the past few days. The technical indicators show that HBAR could struggle further over the coming hours or days.
The MACD is below the neutral zone, indicating strong bearish momentum for HBAR. The 14-day relative strength index of 37 also shows that HBAR could soon enter the oversold region.
At press time, HBAR is trading at $0.06364 per coin. If the bearish trend continues, HBAR could drop below the $0.06035 support level before the end of the day.
Unless there is an extended losing streak, HBAR should maintain its price above the $0.005860 support level in the short term.