As Bitcoin proceeds toward the major $60K after crashing over 2.25% a day, it has triggered panic among investors. Hedera price has been declining for the past three months, has weakened more, and crashed nearly 5.03% intraday.

The weakness in the broader market has added more to the worse. HBAR fell 12% in the last couple of sessions after the $0.064 support was broken. The panic in the broader markets was hit the hardest on the altcoins, as several altcoins have loomed over 5% today.

Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy, enabling individuals and businesses to create powerful decentralized applications.

Hedera (HBAR) is the native cryptocurrency of Hedera Hashgraph, a platform positioned as an alternative to traditional blockchain technology, aiming to excel in speed, efficiency, and security.

Open Interest Data Suggests Long Unwinding

Per Santiment, there has been a similar drop in the open interest contracts and the price in the recent sessions. The open interest contracts have dropped from $23 Million to $20 Million, losing nearly 13% over the week.

The drop in the OI data highlights the possibility of long unwindings among the traders and investors.

Moreover, the trading volume has dropped by 17.04% to $51.46 Million a day. It has a live market capitalization of $2.02 Billion and ranks 37th in the crypto-verse.

Out of 50 billion HBARs, nearly 35.8 billion are in circulation. This is nearly 71.7% of the total supply. Additionally, the volume-to-market cap ratio of 2.54% suggested low volatility.

Hedera Price Fall May Halt at this Level

The daily chart highlighted a sharp crash in Hedera price. This happened after the breakdown of the recent support at the $0.064 level. At press time, HBAR was exchanging hands close to $0.056, losing nearly 5.03% a day.

However, few analysts hope that a sharp crash in Hedera may pause the next psychological support of $0.051. On the lower side, theprice may fall 7% more till it reaches the next support of $0.051.

From a technical standpoint, the price has dropped below the key exponential moving averages of 20, 50, and 200 day EMAs. It reflected weakness in the trend.

Moreover, the RSI line, and the 14-day SMA line, have dropped below the mean line. This guided a bearish continuation in the short term.

Bitcoin’s approach towards the $60K after a 2.25% daily drop has caused panic in the altcoins. Hedera (HBAR) has crashed 5.03% in a day and 12% over recent sessions, breaking key support at $0.064.

Open interest contracts have dropped by 13% to $20 Million, indicating long unwinding. Trading volume fell 17.04% to $51.46 Million.

The price was hovering below key EMAs, with RSI and 14-day SMA below the mean, suggesting a bearish trend. Analysts see potential support at $0.051, but a further 7% decline is possible.