- Hedera has revealed a list of achievements in 2022 underscoring healthy growth in the future.
- Technical indicators of HBAR are favoring the downside trend. It has seen a drop of 1.86% in BTC pair
HBAR is a cryptocurrency that operates on the Hedera Hashgraph network. Hedera Hashgraph is a new type of distributed ledger technology that provides a fast, secure, and fair platform for decentralized applications and digital assets. Unlike traditional blockchain technologies, Hedera Hashgraph uses a novel consensus mechanism called the hashgraph consensus algorithm to achieve consensus on the network.HBAR is used as a means of exchange and a store of value on the Hedera Hashgraph network. It is also used to pay for transaction fees and to access premium services on the network. The cryptocurrency is designed to be fast, with transaction times of a few seconds, and scalable, with the ability to handle millions of transactions per second.One of the key advantages of HBAR is its security. The Hedera Hashgraph network uses a combination of public and private keys to secure transactions and prevent double spending, making it highly resistant to hacking and other forms of cyberattacks.
HBAR is currently ranked 39th in the Cryptoverse and has a market cap of $1.6 Billion. Volume of the asset price has seen a drop of 25% in the intraday session.Volume to market cap ratio of the asset price suggests a consolidated trend in price.
Bulls Of HBAR Are Nowhere To Be Seen
The weekly technical chart of the HBAR suggests a consolidated trend in price.On the daily chart it is trading near the value of $0.0641 and has seen a drop of 0.68% in the intraday session.It is currently consolidating near a particular range. Resistance of the Hedera can be seen near $0.1. Meanwhile the support of the asset price can be seen near $0.03.It is currently trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the price to a new high.
RSI of the HBAR is near 57 suggesting its presence in the neutral zone.There is a downside slope suggesting a downside move.
Conclusion
Hedera has been in a consolidation for a while despite the upside trend in BTC. Various analysts are expecting a strong growth in the future.
Technical Levels
Major Support:$0.03
Major Resistance:$0.1
Source: https://www.thecoinrepublic.com/2023/02/01/hedera-price-prediction-will-hbar-price-see-a-bounceback-to-0-5-in-2023/