- Hedera price has factored in a price dip of 7.92% in the last 24 hours.
- The altcoin’s daily trading volume has shown a 47.96% descent as per CMC data.
In the past 24 hours, previously bankrupt crypto exchange Mt.Gox made several movements. This was one of the contributors to Bitcoin receding to the $90K level over the past day. Meanwhile, the regulatory sector has also been diving with action as Trump announces new crypto regulatory positions. On the other hand, the altcoin sector has shown intriguing movements.
Within the altcoin sector, several tokens such as WLD have returned to their bullish trends. However, particular cryptocurrencies that staged rallies in the past days have reverted to brief price dips. One such altcoin, Hedera, has incurred a 7.92% price dip in the past day. This bearish combat has caused HBAR to fall to the $0.28 support level. At the time of writing, HBAR was trading at $0.2832 as per CMC data.
Moreover, in the Asian afternoon hours of December 5, Hedera was trading at a high of $0.3080 before bears took over. Previously, the altcoin also showed a brief dip on Wednesday after which it turned bullish again. This has raised speculation on whether the Hedera price will sustain its positive momentum.
Zooming out, over the past week, HBAR depicts a significant price increase of 85.85%, despite the recent descent. The altcoin caught market attention amid the AltSeason as price rallied nearly 90%, deducting the brief dips.
Will Hedera Price Recover in the Coming Days?
Inferring HBAR’s technical indicators, it suggests that the altcoin still holds an opportunity to return to the bullish trend. Hedera’s Moving Average Convergence Divergence (MACD) signal line stands above the MACD line. This indicates the sustenance of the positive market environment as per TradingView data.
HBAR/USDT Daily Price Chart (Source: TradingView)
Moreover, the cryptocurrency’s long-term bull power indicator’s value stands at 5.44. While its bear power indicator value of -2.46 suggests a clear bullish overpower. From these aspects, it can be inferred that the Hedera price can be expected to recover.
Meanwhile, other leading cryptocurrencies such as Ethereum and Solana have shown a minor price dip.
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