- HBAR price prediction suggests a weak upside trend. It has recently seen a negative crossover from 100 DMA
- Hedera can test the support of $0.5 in near future. It is up by 2.10% in the Ethereum pair
Hedera Hashgraph, is a distributed ledger technology that uses a unique consensus algorithm called Hashgraph. It is not built on the conventional blockchain and its consensus service acts as a trust for any application. It is powering web 3 ecosystems and various institutional applications. Hedera is designed in such a way to eliminate the shortcoming of old blockchains.Hedera has many use cases including supply chain, defi, payments and more. It has a very high throughput and can process upto 10000 transactions per second. This makes it one of the fastest blockchain network ever present.Hedera network also maintains a virtual machine which can write smart contracts in solidity. HBAR has a maximum supply of 50 Billion and as April 2023 62% of the total supply is circulating in the market. Hedera has over 1500000 mainent accounts created. The network has processed 50,000,000 transactions in the past 24 hours with an average cost of $0.01 per transaction.
Hedera has a market cap of $1.8 Billion and is ranked 34th in the cryptoverse. HBAR has seen a drop of 7.23% in volume. The volume to market cap ratio of asset price suggests a consolidated trend.
Is HBAR Looking To Test $0.05?
Hedera has been moving in a weak downside trend on the weekly technical chart. It has formed strong bearish candles on the daily chart. It is trading near the value of $0.06 with a small gain in the intraday session. The upside trend of HBAR can see a halt near the value of $0.07. Meanwhile, the support of the asset price can be seen near $0.05. It is trading below the 50 and 100 Daily Moving Averages with a negative crossover in the past. This can push the asset price to a new low in the future.
The RSI of HBAR is near 42 suggesting its presence in the neutral zone. There is a downside slope in RSI hinting towards a bearish momentum in price.
Conclusion
HBAR has been seeing a consolidated trend in the daily chart. Hedera may see a strong upside trend in the future.
Technical Levels
Major Support:$0.05
Major Resistance:$0.07
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.
Source: https://www.thecoinrepublic.com/2023/04/22/hedera-price-prediction-hbar-falls-below-100-dma-is-a-bounceback-near/