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- 1 HBAR’s price is currently trading at $0.04888 seeing a change of 31% in the 24-hour trading volume.
- 2 HBAR price declined by 7.35% in the last 24 hours.
The price of HBAR saw a recent fall in its value after giving the symmetrical triangle a bearish breakout. The price is yet to make a retest, it is often observed that the price action rather than taking a direct fall takes a retest though it is not mandatory. It is presently trading near an important support zone and the market structure dictates that it is currently trading within a strong selling pressure and may observe a further decline in value.
The price action in the major cryptocurrency is projecting the bearish pessimism of the buyers. Presently, the value of the HBAR token is $0.04888 and it has a market cap of $1.55 Billion.
Comparison Between TVL and Stablecoins
The TVL (Total Value Locked) is observing a slight decline in its value. The TVL saw a sharp surge in its value near last August. The overall increment in TVL indicates that the investors are optimistic regarding the long-term value of the HBAR price.
The present TVL of HBAR is $24.06 Million observing a change of -3.45% within the last 24 hours. In comparison to general stablecoins, the value of HBAR is performing marginally better. There is a minor stagnation in the price.
An Increase in the Spam and Reddit Volume
Investor sentiments regarding HBAR price are taking a slight bullish turn; the total Reddit volume of HBAR is observing a substantial appreciation of 217.4% within the last week which indicates that investors are gaining interest in the token in various communities.
The total spam volume has also increased significantly which indicates a foreboding change. Spam volume has surged by 251.8%.
Technical Analysis on (1 Day Time frame)
Presently, the RSI is fluctuating near oversold levels taking consistent resistance from 50 points. The value of the RSI line as of now is 32.88 points, and the 14 SMA is providing a barrier to it at 37.84 points.
The stochastic RSI is trading at the oversold level of 11.40 points after a bearish double-top pattern. The %K and %D lines are yet to provide a positive interception.
Conclusion
According to the analysis, HBAR’s price is seeing a severe decline in value and is facing resistance from the major EMA levels.
Technical levels –
Support – $0.500
Resistance – $0.600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
