Hedera Freefalls 11% Reversing to Previous Support as Alt Sector Crashes Down

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• Hedera has factored in a significant price drop of 11.63% in the last 24 hours.
• The altcoin’s daily trading volume has surged significantly by 268.17% as per CMC data.

The past day has earned its place in the history of significant market crashes. Bitcoin is plummeting at high speed towards the $70K support, as predicted by analysts. Meanwhile, the global economy is seeing surging complexity resulting from the US tariffs. This unsettling circumstance is also one of the causative factors for the market crashes.

Notably, one of the leading altcoins that had previously caught market attention for its price movements is Hedera. HBAR was also not spared from the altcoin crash. The token has suffered a loss of 11.63% in the last 24 hours.

In the afternoon hours of April 6, the altcoin was trading at a high of $0.157. However, as the day progressed and bearish candles sparked, Hedera fell to current trading levels. At the time of writing, HBAR was trading at $0.13575 as per CMC data.

Zooming out, onto its weekly chart, Hedera has factored in a price drop of 12.73%. A major part of the drop was contributed to by the past day’s crash. Previously, Hedera was showing signs of recovery, particularly in the beginning of March. However, the bears seem to have established a strong hold in the token’s upcoming price movements.

Will Hedera Attempt a Price Recovery Post-Current Crash?

On analyzing its technical indicators, Hedera shows mixed signals. While the price movements indicate a descending channel, its Moving Average Convergence Divergence (MACD) MACD line stands above the signal line.

HBAR/USDT Daily Price Chart (Source: TradingView)

Meanwhile, its RSI value stands at 26.65 as per TradingView data. This clearly indicates that the altcoin is in an oversold situation. However, the MACD indicator suggests that Hedera still holds a window of opportunity to break out from the bearish claws.

In the coming days, if market conditions reverse, HBAR might also show recovery signs. On the other hand, altcoins such as SUI and DOGE showed similar movements.

Original Article