The Hedera network crypto’s price decreased by 13.44% over the last week and it is trading below all major EMAs.

According to a recent update from ETHnews on the CoinMarketCap website, Hedera Hashgraph, a blockchain platform, has achieved a significant milestone by processing a remarkable 19 billion transactions. Notably, the platform has showcased impressive speed and scalability, even surpassing Ripple in these aspects.

However, HBAR crypto has not performed well in the last month, decreasing by 1.74% and plummeting by 25.08% in the last six months. Hedera Network crypto has a positive year-to-date return of 45.15% and a negative one-year return of 15.84%.

Hedera Network crypto plummeted by 4.76% in market value and by 7.14% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $1,755,554,855 and its trading volume is $50,287,747. There are currently 33,083,237,217 HBAR in circulation.

Technical Analysis in the 1-Day Timeframe

HBAR crypto price showed a downward trend for the past one year, decreasing by 15.44% during this period and the price fell, making lower lows and highs. 

At the time of publication, the HBAR crypto price is trading at a support level around $0.05299, and the price is facing resistance from the trendline.

Therefore, HBAR crypto price could continue to move downwards and reach the nearest support at $0.03976 and $0.03574 if it fails to maintain the current level.

However, if the price sustains at the current level and rises, then it might hit the nearest resistance levels of $0.06958 and $0.07762.

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

The MACD line, currently at 0.00014, and the signal line, at 0.00120, are positioned above the zero line. Both lines have recently crossed over each other, forming a bearish crossover pattern in the MACD oscillator. The present value of the relative strength index (RSI) stands at 41.60 points, while the 14-day simple moving average (SMA) is positioned below the median line at 52.21 points. These indicators collectively suggest bearish sentiments, particularly considering that the RSI is within the oversold zone, highlighting the prevailing bearishness in the market for the HBAR cryptocurrency.

Conclusion

HBAR crypto price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the crypto in the daily time frame. Hedera price action highlights a bearish view at the time of publishing. Moreover, the technical parameters suggest the continuation of the downtrend over the daily time frame chart. Major reliable indicators like the RSI, MACD, and EMA give negative signals regarding the price.

Technical Levels:

• Support levels: The nearest support levels are $3.43130000 and $3.18447751.
• Resistance levels: The nearest resistance levels are $3.97493602 and $4.89643603.

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.

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