Hedera Price Extends Losses as Market Interest Wanes

Hedera's price has been experiencing a downward trend in recent days, with losses extending beyond 4% over the previous day. Market sentiment appears to be bearish, as indicated by weakening on-chain and derivatives data.

The Social Dominance metric for Hedera, which measures the share of HBAR-related discussions across cryptocurrency media, has been trending downwards since December. This fall in social dominance suggests fading market interest and weakening sentiment among HBAR investors.

Derivatives data also point to a bearish outlook, with open interest (OI) falling to $92.15 million on Tuesday. This drop in OI reflects waning investor participation and supports the bearish thesis.

Techncial indicators also suggest a deeper correction for HBAR, with the price potentially extending its decline towards the weekly support at $0.090. A close below this level could lead to further losses, potentially targeting the next daily support level at $0.072.