Will HBAR Crypto Sustain Above The Break Of Structure Levels?

• The HBAR crypto price is taking a pause at the current trading levels.
• Hedera crypto is witnessing a decline in its trading volume in the last 24 hours.

The Hedera crypto was launched on 16th September 2019 and it generally follows OTHER_BFT consensus mechanism. It is an energy-efficient cryptocurrency of Hedera Network. It is often used to pay application transaction fees and to protect the network from attacks by its mechanism.

The volume/market cap ratio of the HBAR stock is 0.0336 resulting in a market cap dominance of 0.13%. This is followed up with the current market rank resulting in #33 as per Coingecko. The HBAR crypto has  a circulating supply of 33.53B which is just 67.06% of the max supply. Also the max supply of the HBAR crypto is 50.0B HBAR and the fully diluted market cap of the crypto is $2.562B. 

The spot volume for the HBAR crypto has declined by 13.20% in the last 24 hours resulting in $58.305M. Following the decline in the crypto price, the market cap has also declined by 2.91% resulting in $1.72B.

Hedera Derivatives Analysis

Over the last few months, the most significant volume activity was witnessed in August 2020 in the HBAR crypto. Since then there has been no significant volume activity in the crypto. In the last 24 hours the derivative volume for the crypto has advanced by 24.91% resulting in $36.04M. The long liquidation witnessed by the crypto in the last 24 hours is $59.80K which is higher than the short liquidation.

HBAR Crypto Technical Analysis

The HBAR crypto price has been witnessing consistent decline in the crypto price for a long time. It has lost its value by more than 50% from its all-time high price.  Based on the most recent price action on the daily timeframe of the Hedera crypto, it is trading in a small zone. The HBAR crypto price might boost to higher levels if it breaks above the last swing high.

The 50-day and the 200-day EMA are trading with uncertainty on the daily timeframe. It is following a death cross but the crypto price is stuck between both the EMAs. The RSI for the crypto is advancing to higher levels and is currently trading at a level of 54.35. If the RSI continues to sustain above the current levels, the price might continue to advance to higher levels.

Conclusion

The HBAR crypto has witnessed higher long liquidation in the last 24 hours. Despite this the technuials for the HBAR crypto are totally uncertain on the charts. Therefore, we must wait for the crypto price to break above the previous swing high. 

Technical Levels

• Support levels– $0.03970 and $0.04560
• Resistance levels– $0.0690 and $0.07809

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.