Crypto markets faced sustained bearish pressure on October 8-9, with a reported governance development at Hedera and key technical breakdowns across multiple large-cap altcoins. According to CoinGecko, HBAR traded near $0.09236 on October 8, down 3.3% over 24 hours and 11.1% over seven days, with roughly $108.7 million in 24-hour volume.
Hitachi America reportedly completed its Hedera Council service on September 30, but no official Hedera announcement confirming the departure has been located. Meanwhile, IBM's Cloud Catalog continues to list IDTrust and describes the platform as built on Hedera DLT, preserving the enterprise validation narrative. Technical readings are mixed: HBAR's 14-day RSI stood at 49.6, a neutral reading, while the daily MACD was 0.004218, below its 0.0058 signal line, which Blockspot characterises as bearish. HBAR was below both the 12-day and 26-day EMAs despite a golden-cross relationship in moving averages. The token had closed at $0.122014 on September 28 and at $0.099754 on October 6, showing that much of the IBM-related rally had already been retraced.
Key HBAR levels to watch are support at $0.0899, $0.0868, and $0.0818, with resistance at $0.0980, $0.1030, and $0.1061. Analysts noted that holding $0.0899 and reclaiming $0.0980 would materially improve the near-term outlook.
Other major coins also showed weakness. Zcash traded at $1,190 after failing near $1,340, down about 30% from September's high near $1,700. Crucial support sits at $1,180; a close below could open the path to $1,050. Ethereum was at $2,525 after starting the day near $2,700, testing key support at $2,500 with high-volume selling pressure. A failure could expose the $2,300-$2,350 support zone. Shiba Inu dropped to $0.00000542 after breaking below its long-term average near $0.00000565, with support at $0.00000529. Hyperliquid pulled back to $85.76 from a $94 high but remained above all major moving averages, with support in the $84-$85 range and a neutral RSI near 47.
The overall tone is cautious, with sellers dominating short-term momentum across several assets. Recovery depends on reclaiming nearby resistance levels and moving averages, while losing key supports could deepen the correction.
