Hedera is one of the most used and reasonable,business grade public networks for them to create decentralized applications. The ICO of Hedera crypto came in 2018 while its mainnet was launched in 2019. Hedera is based on the PoS model and will increase the efficiency of transactions. Hedera has also been affected strongly with the collapse of FTX.
HBAR is currently ranked 37th in the CMC and has a market cap of $1,068,370,187. The volume of the asset has seen an increase of 33% in the past 24 hours.Volume to market cap ratio of HBAR suggests a consolidated trend.
Technical Indicators Of HBAR Favors Consolidation
HBAR price has seen a strong decline in the past few weeks. On coming to the daily chart the asset price is trading near the value of $0.046. The resistance for the Hedera price on the uptrend can be seen near $0.062. Meanwhile, one can observe the support in price near $0.025.The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the asset price which can push the price further below.
Conclusion
HBAR along with the other altcoins have been affected by the market downtrend and FTX fall. Hedera price is currently in a consolidated move but can see a downtrend in the future.
Technical Indicators
Major Support:$0.025
Major Resistance:$0.0625
