Hedera Price Stays Weak While Its Fate Remains Tied to Bitcoin
Hedera's HBAR price remains weak, closely tracking Bitcoin's movements due to a high correlation, limiting its potential for independent recovery.Summary
Hedera's price (HBAR) has struggled to recover, largely because its fate is heavily tied to Bitcoin, evidenced by an extremely strong correlation coefficient of 0.87. Bitcoin's current struggle to regain bullish momentum is directly preventing any meaningful rebound for HBAR, making it vulnerable to BTC-led volatility.
Further weakness is suggested by the Chaikin Money Flow (CMF) indicator, which recently hit a seven-month low, indicating that capital is still flowing out of HBAR despite historically favorable conditions for a stabilization or bounce.
At the time of writing, HBAR trades around $0.132, holding the critical $0.130 support level. A sustained drop below this level could lead to a decline toward $0.120, while a recovery contingent on Bitcoin bouncing back could see HBAR retest $0.150, with a break above that potentially targeting $0.162.
(Source：BeInCrypto)