Hedera Price Prediction: Will The Correction In HBAR Move Till $0.05?

• Hedera TVL has declined by more than 50% in the past few months as per the data from Defilama
• Technical indicators of HBAR are favoring a downside trend. It has seen a drop of 4.8% in the ETH pair

 Hedera Hashgraph is a decentralized public network that aims to provide a secure, fast, and fair platform for dapps. The ecosystem helps to power Web 3 and institutional applications. The network has the ability to process over 10000 Transactions per second making it one of the fastest cryptocurrencies. The average cost of transactions in HBAR comes to around $0.001 which is very less compared to others. The HBAR token is used to govern the network and token holders can vote for proposals. Hedera has been adopted by many enterprises for their applications. It is also very energy efficient and it costs around 0.000003KWh per transaction. There are over 2045101 mainnet accounts created on the network. The TVL of the HBAR has seen a drop from $150 Million in FEB 2023 to $57 Million in the past few months. Hedera has a variety of use cases and can see increased adoption in the future.

Hedera has a market cap of $1.8 Billion and is ranked 34th in the crypto-verse. The volume of asset prices has seen a decrease of over 64% in the past 24 hours. The volume-to-market cap ratio of HBAR suggests a consolidated trend.

Will Hedera Test $0.05 Before A Rebound?

Hedera has been seeing a bearish momentum from the past few weeks. It has been forming a strong bearish candle on the daily chart. It is trading near the value of $0.0582 with a drop of 1.85% in the intraday session. The upside trend of HBAR can see a halt near $0.07. Meanwhile, a bounceback in the asset price can be observed near $0.05. It is trading below the 50 and 100 Exponential Moving Averages. The price prodcuced a negative crossover in the past which can push the price further below. The 50 and 100 EMA can act as a resistance for the price in the future.

The RSI of HBAR is near 40 with a negative slope in it. The overall sentiment of the indicator is bearish.

Summary

Hedera TVL has been observing a decline over the past few months. It is trading near the crucial level but can see a bounceback 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 do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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