HBAR Price Drops by Almost 20% as Bitcoin (BTC) Loses Momentum

Hedera Hashgraph (HBAR) price continued its downward trend on Monday, May 19, as demand for Bitcoin and other altcoins eased.

Hedera Hashgraph price continued its downward trend on Monday, May 19, as demand for Bitcoin and other altcoins eased.

Hedera Hashgraph (HBAR) dropped to $0.1870, down by almost 20% from its highest level this month and 54% from its highest in November last year.

The ongoing HBAR price retreat happened as the crypto market lost momentum. Bitcoin (BTC) retreated to $102,000, a day after it hit $107,000 for the first time since January.

Third-party data shows that Hedera’s network fundamentals remain strong, with the total value locked in its decentralized finance ecosystem rising by 15% over the last 30 days to $186 million. The top-performing platforms are Stader and Bonzo Finance.

Hedera Hashgraph price technical analysis: Is there a chance for a rebound?

The daily chart shows that HBAR has pulled back in recent sessions. On the positive side, the token remains above the 200-day Exponential Moving Average and the 61.8% Fibonacci retracement level.

Also, Hedera has formed an inverse head and shoulders pattern, a popular bullish reversal sign in technical analysis.

Therefore, the Hedera price may bounce back in the next few days as the US credit rating downgrade jitters come to an end. If this happens, the initial target to watch will be at $0.2240, the 50% Fibonacci Retracement level. A move below the support at $0.15 will invalidate the bullish outlook.