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- 1 The Hedera asset is exhibiting bearish features and can reach lower levels.
- 2 Reliant on the sellers’ surge, the price might give negative spikes and can acquire supporting EMAs.
Hedera crypto is a public network, that works for a decentralized economy that encourages people and businesses to build powerful DApps.
Hedera Hashgraph has a remarkable and unique consensus system called Hashgraph consensus to secure and fasten its network. This system of structure has a rotating governing council of up to 39 different organizations from up to 11 different sectors.
Hedera raised funds using an ICO in August 2018 and it opened its mainnet to the public in September, 2019.
During the ICO period, investors could also buy the platform’s own utility token (HBAR) at the lowest possible price during that time.
Also, Hedera (HBAR) is the cryptocurrency of Hedera Hashgraph, and it is a platform that offers and gives itself as an alternative option to blockchain technology and it aims to be much faster, more efficient, and more secure and safe.
In the company, they are mainly responsible for leading the Hedera codebase, making platform decisions, and running the initial nodes on the Hedera public network.
Hedera crypto uses a proof-of-stake (PoS) consensus mechanism that allows HBAR users to stake their resources to help the network.
Currently, all Hedera nodes are run by either Hedera itself or the governing council members, but they plan to change to a permissionless system in the future.
Hedera Price (HBAR) Evaluation on 1-D Time Frame
The Hedera asset is exhibiting bearish features and can reach lower levels. HBAR has displayed poor performance in the previous week by 10.52%, signifying a strong downward force.
However, the HBAR crypto demonstrated a sign of decline as the price sank from a vital level of around $0.10 on the chart.
At press time, the crypto had declined 5.21% in the last intraday session, trading at $0.08050. Now, it seems like the HBAR crypto is set for a dismal plunge, as it fails to break the resistance level and can sink to new lows from the current support level.
Therefore, if the Hedera crypto price fails to stay above the $0.07500 level, it could decline further.
Furthermore, the HBAR crypto asset is displaying bearishness and a falling tendency as it plunges below the major trend 20-Day EMA. Now, reliant on the seller’s surge, the price might give negative spikes and can acquire supporting EMAs as well.
Additionally, the Hedera asset seems to be in a strong downtrend and the RSI shows no signs of oversold conditions, suggesting that the asset has more room to fall. Also, to be precise the RSI curve is at 45.13 and 14-SMA is above a middle line at 63.02, the RSI shows rejection from SMA.
On the flip side, if the demand for the crypto increases and HBAR succeeds in sustaining the immediate level, then the crypto price could turn around from the current level. The next goal for the price could be is to reach $0.1000.
Summary
The Hedera asset is exhibiting bearish features and can reach lower levels. HBAR has displayed poor performance in the previous week by 10.52%, signifying a strong downward force. Therefore, if the Hedera crypto price fails to stay above the $0.07500 level, it could decline further.
Technical Levels
Support Levels: $0.07500
Resistance Levels: $0.1000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
