HBAR faced a significant decline, dropping 6.68% from 0.26 USD to 0.24 USD largely due to increased selling pressure. This downturn was marked by a notable surge in trading volume, reaching over 109 million tokens, almost double the previous daily average.
The price drop was intensified by overall market stresses, with 460 million USD in liquidations adding to existing volatility. Concerns about economic stability were reflected in the Producer Price Index rising to 3.3%, further amplifying uncertainties in the market.
Despite current challenges, market strategists remain bullish on HBAR’s long-term prospects, with price targets between 0.40 and 0.50 USD. Additionally, Binance’s integration of HBAR into its BNB Smart Chain aims to bolster its cross-chain capabilities, providing positive utility growth.
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