Hedera (HBAR) coin price has consolidated below its major support. Currently, the asset price is around $0.0612.
Hedera Hashgraph is a distributed ledger technology network developed for speed and scalability. HBAR aims to become the first globally scalable blockchain framework. HBAR’s consensus algorithm provides high throughput, low latency, and high data integrity.
Hedera HashGraph’s native cryptocurrency, HBAR, was launched in September 2018. It is based on the Ethereum blockchain platform. HBAR tokens are used to pay transaction fees on the network, and they can also be used to stake validators.
There is a downward trend in the price of Hedera based on technical indicators. In the intraday session, the HBAR/BTC pair is down by 3.7%.
Hedera is one of the most widely used decentralized networks for creating powerful applications for individuals and businesses. By eliminating some limitations of the older blockchain, this system is designed to be fairer and more efficient.
Initial coin offerings funded the asset in 2018 and the mainnet went live in September 2019. Among cryptocurrency assets, the asset is ranked 40th and has a market dominance of 0.13%.
Market capitalization of the asset is $1,309,657,426 and supply is 50 billion. A decline of 16% has been recorded in the volume of the asset price during the intraday session. It suggests that the asset is moving in a consolidated manner based on its volume to market capitalization ratio.
The HBAR Technical Indicators Favor The Bears
A consolidated trend can be seen in the weekly technical chart of the Hedera. Taking a look at the daily chart, we see that the asset price is near $0.06214. A support area for the asset price can be found near $0.05. At present, the price of the asset is trading below the 50 and 100 Daily Moving Averages. Approximately $0.09 is the level of resistance for the coin.
At present, the asset price’s RSI is near 39, indicating it is in oversold territory. The RSI has a negative slope, indicating a downward trend. There is a bearish sentiment in the RSI overall.
Technical Levels
Major Resistance:$0.095-$0.1
Major Support: $0.045-$0.05
Conclusion
Currently, the price of Hedera coins is observing a consolidated trend, and it could reach a new high soon. Before investing, it is important to do your due diligence.
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