HBAR Price Analysis: HBAR/USD Remains in a Range, Hedera Governing Council Member LG Electronics Launches Crypto Wallet

*Hedera (HBAR), just like other crypto assets, is yet to show any decisive price movement
*At the time of publication, HBAR was changing hands at $0.0635, up 0.38% on the day
*Hedera’s governing council member, LG Electronics, is launching a virtual asset wallet application

Hedera (HBAR), just like other crypto assets, is yet to show any decisive price movement as it consolidates in a tight range. At the time of publication, HBAR was changing hands at $0.0635, up 0.38% on the day. Hedera’s governing council member, LG Electronics, is launching a digital asset wallet application and entering the blockchain/NFT (non-fungible token) market in earnest. LG Electronics has created a crypto wallet application (app) named “Wallypto” and is conducting a beta test for developers this month. Wallypto supports HBAR and Hedera native NFTs. When the app is officially released, the supported networks and types of coins and tokens are expected to increase. NFT can also be used as the main content of home appliances, including TVs. LG Electronics announced its plan to install an NFT platform on TVs at the world’s largest consumer electronics and IT exhibition, CES 2022′ earlier this year, and a virtual asset wallet is essential to manage transaction details and contents.

Key Levels
Resistance Levels: $0.1000, $0.0850, $0.0650
Support levels: $0.0600, $0.0456, $0.0350

HBAR/USD Daily Chart: Ranging

HBAR/USD Daily Chart

As the stage is set for a solid performance in September, HBAR/USD has so far managed to keep its bottom line intact. Major technical indicators suggest that from recently reached lows of $0.0456, strength will continue. Price pressures are likely to intensify in the coming days toward the moving average (MA 50) visible on the daily chart, possibly causing a change in positive expectations upward to the $0.0850 level.

HBAR/USD fell in May as a result of the ongoing bear market in cryptocurrencies, but demand for this token is still strong, and the groundwork has been set for a sharp price rise. The key MA 50 is about to be flipped, and HBAR shows a price floor above $0.0600, indicating that the relative strength index is on an upward trajectory toward its midline 50.

HBAR/USD 4-Hour Chart: Ranging

HBAR/USD 4-Hour Chart

HBAR/USD is regaining ground lost to profit-taking from the previous day. In response to the technical downturn, bids reached $0.0603 as new support grows in this area. The optimistic sentiment is still present as long as HBAR’s price is above the demand area of $0.0600 on the 4-hour chart, even though the rising RSI has not yet confirmed midline conditions over 75.

HBAR might extend its winning streak if today ends in a positive. As short-term bulls increase their positions, consolidation may temporarily run its course. Those with the patience to wait can look for a clear break over the $0.0725 top. While the crossover of the 4-hour MA 50 and 200 is still pending, potential bullish formation patterns could increase trend optimism even further.

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