Hedera was created by a team of experts led by Dr. Leemon Baird and Mance Harmon. The coin was launched in the exchanges on 16 October 2019. Hedera follows the OTHER_BFT consensus mechanism. It is an energy-efficient cryptocurrency of the public Hedera Network.
Hedera provides a stablecoin studio for fintechs, enterprise banks, institutional issuers, and payment providers. It is an open-source SDK that makes it easy to build stablecoin applications using its network services. Hedera has recorded more than 3.6M Mainnet account creation and has used 0.00017 KWH per transaction.
Hedera hit an all-time high price of $0.569229 over 2 years ago and since then the coin has been unable to break its high price recorded on September 15, 2021. It denotes that there has been no optimism among the traders and investors for the HBAR crypto over the last two years. The current market cap of the Hedera has also declined by 1.00% in the last 24 hours.
HBAR Crypto Price Technical Analysis
HABR crypto has been consistently making lower highs leading to a huge decline in price for a long time. The coin’s price is currently taking support at the lower levels but is also forming bearish candlesticks. This indicates the presence of sellers in the market.
Technical indicators like the EMA and the RSI are also negative on the charts indicating a sell signal. The 50-day and the 200-day EMA are also trading in a death cross. The RSI of the crypto has declined below the 50 level and has also slid below the 14-day SMA.
HBAR Liquidation Analysis
Hedera coin has witnessed a rise of 21.10% in the derivative trading volume in the last 24 hours. The coin also has faced a long liquidation of $12.81K which indicates the presence of bears in the market. The spot volume of the crypto has also advanced by 3.38%. This result indicates that the traders are showing interest in the coin.
Conclusion
The Hedera crypto has witnessed an advance in volume in the last 24 hours. The coin price is technically bearish as it is forming bearish candlesticks. HBAR is also following a bearish market structure getting a follow-up with the technical indicators.
Therefore, the HBAR crypto can decline to further lower levels in the upcoming days.
Technical Levels
- Support levels- $0.397 and $0.0.480
- Resistance levels- $0.069 and $0.0780
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
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.
Source: https://www.thecoinrepublic.com/2023/10/07/why-hedera-price-is-consistently-declining-to-lower-levels/