Hedera Price Drops Amid Federal Reserve Decision

The crypto market witnessed a mixed performance on Wednesday, with total market capitalization remaining around $2.44 trillion after a modest 1% uptick. However, Hedera (HBAR) was underperforming compared to others, dropping by over 3.32% from its daily high of $0.098 to $0.095.

The Federal Reserve's decision to keep interest rates steady as announced in the FOMC meeting on March 18 contributed to the decline in HBAR price. The officials mentioned that ongoing inflation pressure and geopolitical events, including the war with Iran, were the main reasons for keeping rates unchanged.

Not only HBAR, but many major cryptocurrencies witnessed a price drop after the news. Ethereum's price dropped by around 6.18%, while Bitcoin dropped by 4% in the same time period. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also signaled bearish signs.