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⚡️ The Hedera Supertrend price indicates a decline despite ongoing $HBAR ETF inflows
The Hedera token dropped to $0.1965, down 12% from its weekly high and 50% from its annual maximum.
The price of HBAR plummeted due to the ongoing sell-off in the crypto market following the hawkish Federal Reserve interest rate decision on Wednesday.
The token also retraced as investors sold the news of the HBAR ETF approval. This is a situation where investors buy an asset before a major event and then sell it after it occurs.
This happens as the hype around the event subsides and investors begin to focus on the next major event or news.
Data collected by SoSoValue shows that the recently launched HBAR ETF continues to attract moderate interest from American investors. On Wednesday, when it was launched, it had net inflows of $2.2 million, and on Thursday, this figure increased to $29 million.
Total ETF inflows rose to $32 million. Although this figure is higher than Litecoin’s $485,000, it is significantly lower than Solana, whose ETF exceeded $154 million in inflows.
The difference between spot Hedera and Solana ETF inflows is understandable, as the former is a larger and more popular player in the crypto industry. Hedera’s market capitalization exceeds $8 billion, while Solana is valued at more than $102 billion.
Solana is also more popular among users and developers. It has 387 DeFi dApps with a total locked value (TVL) of $12.3 billion, significantly higher than Hedera’s 23 dApps and $194 million in TVL.
🔸 Hedera Price Technical Analysis
The daily chart shows that the #HBAR price reached a high of $0.2196 on October 28 and then retraced to the current $0.1950. Its peak was notable as it coincided with the descending trendline connecting the highest swings since July 27.
The token fell below the Supertrend indicator, indicating that bears are in control.
{spot}(HBARUSDT)