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- 1 Hedera Hashgraph price broke below the 50 and 20 day EMA levels, showcasing bearishness.
- 2 Sellers looked aggressive in the previous few trading sessions.
Hedera Hashgraph’s HBAR stands as the eco-friendly digital currency of the Hedera public ledger. Utilized for settling app-related fees and fortifying the network via a stake-based validation system, HBAR’s total circulation is capped at 50 billion units, with availability across multiple trading platforms. Its symbol is represented by a stylized lowercase ‘ℏ’.
Within the network, HBAR facilitates various operations, including HBAR transfers, creation of both fungible and unique digital assets, execution of smart contracts, and data storage. Hedera’s network, anchored by the hashgraph consensus, delivers top-tier security (ABFT), exceptional speed in transactions, and minimal bandwidth usage. Transactions with HBAR are confirmed on the ledger in just 3 to 5 seconds. The network boasts a capacity of 10,000 HBAR transactions each second, at nominal costs of roughly $0.0001. By staking HBAR on a Hedera node, users can potentially earn up to 6.5% APY, contributing to the robustness of Hedera’s operational security.
Technical Analysis of Hedera Hashgraph Crypto
Hedera Hashgraph crypto price has been on a downtrend for the past three weeks, as it faced resistance from the higher levels and formed lower lows. This shows that the bears have been in control and the crypto has lost momentum. The crypto has also broken below the key moving averages, indicating weakness.
The cryptocurrency market has seen a recent downturn, with Hedera Hashgraph’s USD value (HBAR) falling back to its previous breakout level. This level may serve as a support, as technical analysis suggests that the crypto is currently oversold and could rebound from this low point. However, it is important to note that the crypto must demonstrate signs of strength and reversal before confirming any upward trend. Until then, it remains to be seen whether there will be a rally or a continued decline.
Hedera Hashgraph crypto (USD:HBAR) price is in a correction phase but is trading near crucial support levels. If formed, a bullish candle would indicate buyers are active and will try their best to rebound.
Hedera Hashgraph price is trading below the downward-sloping 20-day and 50-day EMAs showcasing a downtrend.
The MACD generated a negative crossover and the histogram is also red indicating bearishness. The RSI at below miidle lines denotes weakness but is near the oversold territory.
Summary
Hedera Hashgraph crypto has shown sellers’ strength on the technical charts. Moreover, the price traded below the key EMAs, which shows further weakness in the crypto. The RSI curve is near the neutral region at 44, and a negative outlook was noted, indicating bearishness in the crypto. The MACD indicator also persisted to form red bars, and a bearish crossover was noted, which signals corrective moves.
Technical Levels
Support Levels: $0.08791 and $0.09940
Resistance Levels: $0.121 and $0.1345
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
