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Hedera (HBAR) Price Drops by 10% Weekly, Overall Trend Still Bullish

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Hedera Hashgraph

Hedera (HBAR) has seen great price activity in 2021 — more than ever before in its history. However, as the year approaches its end, its price is relatively low compared to the past several months. The coin never fully recovered from the mid-November crash, and while its price did surge in December, half of that surge was nullified over this last week of 2021.

Hedera price before 2021

Hedera’s cryptocurrency, HBAR, was originally launched in mid-September 2019, with a price of $0.087. However, immediately after launch, the price crashed to $0.030. After being stopped by this support, it managed to climb up a bit to $0.04, only to crash once again. Its drop continued during the last few months of 2019 until it finally found its bottom at $0.01.

Things started to improve around February 2020, and HBAR even managed to climb up to $0.07, which is when the COVID-19 pandemic started to spread around the world. At that point, the traditional markets crashed, and due to the crypto industry’s correlation with the stock market, the coins followed, as well.

That was also when Hedera found a new bottom at $0.03, which is a level that broke down only a few months earlier. However, this time, it managed to hold, and while HBAR spent most of 2020 fluctuating between this level and $0.05, the support at $0.03 never again broke under it.

Things changed for Hedera in 2021

In 2021, the crypto industry’s greatest surge in history — which affected Bitcoin (BTC) significantly earlier — finally started spreading out to include altcoins, and as soon as the opportunity for growth emerged, Hedera took it and started surging higher than ever before.

Starting on January 1st, HBAR started growing, and while it did get briefly stopped by a resistance at $0.5, this level was quickly broken. Only three weeks into the year, HBAR was already at its first all-time high at $0.1, which was also the next big resistance that it had to deal with. It took around three more weeks, but it finally happened around February 9th, and HBAR surged to $0.15.

Things changed for Hedera in 2021

This level actually rejected its price to $0.11, but Hedera quickly made a comeback, and this time, it skyrocketed to $0.45. From this point, HBAR price started going down. Even though there were plenty of smaller surges and drops along the way, the overall trend was bearish, and between March 15th and July 21st, its price dropped from $0.45 to $0.16.

The situation turned once again at this date, and Hedera entered another bullish cycle which took it from $0.16 to a brand new ATH at $0.57. It reached this milestone on September 16th, but since this was a result of a rapid surge, rather than a gradual growth, the price crashed back down, only to continue with its slow but steady increase.

This increase brought it to its previous ATH at $0.45, on November 11th, and at that point, the crypto industry saw another market-wide bearish wave. This time, HBAR dropped to $0.22, with the situation turning for it once again around mid-December. The price surged to $0.35, only for it to get rejected once more and drop to $0.3, which is where it’s right now, at the time of writing.

To learn more about this token visit our Investing in Hedera guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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