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- 1 The HBAR coin has surged by 2% in the last 24 hours and it is trading at $0.04968535.
- 2 The derivative’s long/short ratio of the HBAR crypto is 0.926.
Hedera is one of the most popular enterprise-grade networks for decentralized economy. It also lets individuals and developers create dApps. It is designed to eliminate the limitations of the blockchain ecosystem. It was funded by an initial coin offering in August 2018.
The circulating supply of the Hedera crypto is 35.53B HBAR coins, which is just 67.06% of the total supply of the token. The maximum supply of the crypto is 50.0B HBAR coins and the fully diluted market cap of the crypto is 2.483B USD.
The market cap of the crypto has surged by 2.07%, resulting in $1.665B. It is followed by the advance in the volume of the crypto, resulting in a surge of 26.23% in the last 24 hours.
As per Coingecko, the current market cap dominance of the HBAR coin in the crypto market is 0.138%. The volume-to-market ratio of the crypto is 0.0303.
The Hedera Token is Taking Support at Lower Levels, Will It Reverse?
The HBAR coin price has witnessed a huge decline since February 2023, leading to a consistent sell-off in the market. It is forming lower highs and lower low swings on the charts.
The crypto price is also sustaining above the recent swing lows and is taking support at the same level. The HBAR coin has currently formed a bullish candlestick, but it is still trading much farther away from its change of trend level. The price will need to break above the $0.07600 level.
The EMA for the HBAR crypto is bearish to volatile as the price is still trading in a death cross. Its RSI is trying to sustain above the level of 50. It has also crossed above the 14-day SMA line.
HBAR Liquidation Analysis
The derivatives of the HBAR crypto have not witnessed any huge action in the last 24 hours. The derivative volume has advanced by $14.28%. It has resulted in a short liquidation of $14.26 and a long liquidation of $10.21K.
Conclusion
The HBAR token price is slowly advancing but it needs to break above the $0.7500 level to change its trend to bullish. The EMA and the RSI are acting uncertain together on the daily timeframe.
Therefore, we must wait for the price to break above the higher level for a surge. If that does not occur, the HBAR coin may remain volatile to bearish.
Technical Levels
- Support levels- $0.03900 and $0.4560
- Resistance levels- $0.0690 and $0.07800
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
