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- Hedera price is down by more than 90% from its all time high and can see a reversal in future
- Technical indicators of HBAR are favoring bulls. HBAR/BTC pair has seen a gain of 3.7% in the intraday session
Hedera Hashgraph is a decentralized public network for secure and fair distribution of data and value. It has a new form of distributed ledger technology, called a “hashgraph,” which utilizes a novel consensus algorithm to provide fast and secure transactions.One of the key features of Hedera is its speed. It can process up to 10,000 transactions per second, making it one of the fastest distributed ledger technologies on the market. It also utilizes a unique form of consensus called “gossip about gossip,” which allows nodes to come to consensus without the need for resource-intensive proof-of-work algorithms.In addition to its speed and security, Hedera also boasts low transaction fees. Because it does not rely on proof-of-work, it does not require expensive mining hardware, which helps to keep transaction fees low.
Hedera is currently ranked 37th in the cryptoverse and has a market cap of approximately $1 Billion. Volume of the HBAR has seen a of 20% in the intraday session.Volume to market cap ratio of the asset suggests a consolidated trend.
Are Bulls Ready To Push The Price Up?
The weekly technical chart of the HBAR suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near $0.0037 with a gain of 3% in the intraday session. Resistance of the HBAR can be seen near $0.07. Meanwhile the support of the asset price can be seen near $0.01. The asset price is trading below the 50 and 100 DMA. It can see a positive crossover in the future which can push the price up.
Conclusion
HBAR has been in a downside trend for past few months. Hedera may see an upside momentum in the future.
Technical Levels
Major Support:$0.01
Major Resistance: $0.075
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
