Hedera Fall Was Intense, What’s Next?

According to the recent update from ProtonLoan, a community on the Coinmarketcap website, Metal X is a platform where HBAR and other cryptocurrencies can be traded with ease and speed by users. HBAR can be exchanged with US Dollars or other digital Hedera currencies by users, with minimal fees to be paid for the transactions. Trading rebates are also rewarded to users by Metal X for their HBAR trades, as well as other crypto trades. This means some of their trading fees can be gotten back in HBAR or other cryptocurrencies by users, depending on how much and how often they trade. Money can be saved and earnings can be increased when HBAR is traded by users with the help of trading rebates.

Hedera Network crypto plummeted by 3.35% in market value and by 38.52% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $1,606,657,671 and its trading volume is $37,935,715. There are currently 33,181,480,123 HBAR in circulation.

Technical Analysis in the 1-Day Timeframe

HBAR crypto price showed a downward trend for the past year, decreasing by 23.64% during this period and the price fell, making lower lows and highs. 

At the time of publication, the HBAR crypto price had faced tremendous selling pressure and fell like a meteor, and bearishness is displayed over the charts.

Therefore, HBAR crypto price could resume its downward strength and reach the nearest support at $0.0397 and $0.0357, if it fails to maintain the current level.

However, if the price sustains at the CMP level and ascends, then it might hit the nearest target resistance levels of $0.06388 and $0.06958.

At the time of publishing, HBAR crypto price is trading below the 20 and 50-day exponential moving averages, which are opposing the HBAR crypto price trend. 

The MACD line, currently at 0.00211, and the signal line, at 0.00071, are positioned below the zero line. Both lines have recently formed a bearish crossover in the MACD oscillator. The present value of the relative strength index (RSI) stands at 34.68 points, while the 14-day simple moving average (SMA) is positioned below the median line at 44.59 points. These indicators collectively suggest bearish and negative sentiments, particularly considering that the RSI is within the oversold zone, highlighting the prevailing negativity in the market for the HBAR cryptocurrency.

Conclusion

HBAR crypto price prediction indicates the bearish sentiments and perspectives of investors and traders regarding the crypto in the daily time frame. Hedera price action highlights a bearish and negative outlook at the time of publishing. Moreover, the most sought and reliable technical oscillators like RSI, EMA, and MACD suggest the continuation of the fall over the daily time frame chart and give negative signals regarding the price.

Technical Levels:

• Support levels: The nearest support levels are $0.0397 and $0.0357.
• Resistance levels: The nearest resistance levels are $0.06388 and $0.06958.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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