Hedera Trapped in an Endless Slump, Can It Hold the $0.090 Support Level?

▲ Hedera (HBAR) ©

Amid broad weakness across the cryptocurrency market, Hedera (HBAR) continues its relentless decline as it faces a double blow of investor indifference and drying liquidity in the derivatives market. With both on-chain data and technical indicators pointing decisively downward, even key support levels are under threat, adding weight to the possibility of a further سقوط to $0.090.

According to investment outlet FXStreet on February 24 (local time), Hedera plunged nearly 4% the previous day and is currently under selling pressure around $0.094, below the $0.103 level. As investor sentiment rapidly cools, both on-chain metrics and derivatives market indicators show a clear bearish bias, suggesting that deeper correction may be inevitable.

Data from blockchain analytics platform Santiment reflects this pessimistic market environment. Its social dominance metric, which measures the share of discussions related to Hedera across crypto media, has been trending downward since late December and fell sharply to 0.018% in February, underscoring the market’s waning interest. Conditions in the derivatives market are similarly bleak. Hedera futures open interest has steadily declined since early January, shrinking to $92.15 million—near the February 6 low of $88.89 million—accelerating the exodus of investors from the market.

Technical analysis also casts a shadow over Hedera’s outlook. On February 14, the token encountered strong resistance near the 50-day exponential moving average at $0.103 and fell 8.5% by Monday. This area coincides with the upper trendline of a falling wedge pattern that has been forming since late June last year, acting as a formidable resistance barrier. If the current correction continues, the price could be pushed down toward the weekly support level of $0.090. Should this level fail, there is a significant risk of a sharp drop toward the October 10 low of $0.072.

Key indicators on the daily chart further reinforce bearish momentum. The Relative Strength Index stands at 44, below the neutral 50 level, and is trending downward, signaling intensifying selling pressure. The Moving Average Convergence Divergence lines are tightly converging, reflecting heightened caution among traders. A bearish crossover at this point would solidify the downside scenario. However, there remains a slight possibility of a dramatic rebound, with the price potentially resuming an upward move toward the 50-day exponential moving average at $0.103.

Disclaimer: This article is for investment reference purposes only and does not take responsibility for any investment losses incurred based on its content. The information provided should be interpreted for informational purposes only.