Hedera (HBAR) experienced a 20% price decrease in the last 24 hours, making it the top loser among the top 100 cryptocurrencies. This drop comes after a significant rally of 180%. The decline in price may be linked to speculation over the potential successor to the US SEC Chair position. Additionally, a change in rumors regarding the potential nomination for SEC chair, from Brian Brooks to Teresa Goody Guillen, may have contributed to the drop. The decline in Open Interest (OI) in HBAR derivatives also suggests reduced speculative activity and decreased liquidity. The recent drop in positive sentiment surrounding the project further challenges its ability to climb higher in the short term. From a technical perspective, the HBAR price drop may be attributed to being overbought, as indicated by the Relative Strength Index (RSI). The price may drop further to $0.095, but if buying pressure increases, it could rise to $0.016.



Other News from Today