HBAR Technical Analysis: Price at Its Crucial Support, Expect the Price to Increase

In contrast to most other cryptocurrency platforms, Hedera Hashgraph is not based on a traditional blockchain. It introduces a new type of distributed ledger technology called a Hashgraph. Several key aspects, including cost, speed, and scalability, have been improved with this technology over popular blockchain alternatives. HBAR is the native token of the platform. Our Hedera Hashgraph price prediction concludes it can hit $7 by 2025.

Hedera transactions typically finalize in under five seconds and have an average fee of $0.0001. Overall, Hedera Hashgraph can handle more than 10,000 transactions per second (TPS) compared to 5-20 for most popular proof-of-work (PoW)-based blockchains.

UCL confirms that Proof-of-Stake based DLT systems have a “three orders of magnitude lower energy consumption per transaction than Bitcoin.” Let us now look at the technical analysis of HBAR.

Past Performance

The current price of HBAR is $0.33. The price has appreciated roughly 26.92% in the last seven days, although the price has dipped 2.04% in the last 24 hours.

HBAR Technical Analysis

The finance sector is uniquely positioned to incentivize the transition by agreeing only to lend, invest, and insure businesses that manage their inherent risks and impacts. As it makes financial and societal sense to finance sustainable businesses, so sustainable finance is gaining traction.

decentralized economy is most sustainable, enterprise-grade, and widely used with Hedera. Therefore, positional and long-term investors can accumulate HBAR on every dip.

On the daily chart, there is a slight uptrend in the OBV, this is a sign of gain of interest of investors in HBAR.

The RSI is currently on the 66.27% mark. It took support at 53.33% and shot up, indicating the rise in the buying pressures. RSI is making a straight line on the chart, this suggests the market is crucial for HBAR. So, if the buying pressures continue to prevail, we might expect the RSI to enter the overbought region. However, if the bear attacks the market, we might expect a downtrend in the RSI.

MACD and EMA lines are above the zero range, suggesting a buy. There is a bullish crossover and the MACD is rallying above the EMA line on the chart, suggesting the buying pressures are high on this horizon.

Day-Ahead and Tomorrow

The HBAR price is at its crucial support. If the price finds support at the current price, we might expect the price to increase. But, if the price rises, it will immediately test the FIB retracement level that is formed at $0.34. The traders shall watch this price level closely as if the price resists the rejection at this level, it will move up and the traders can go long.

However, if the price breaks down, the immediate support levels are formed at $0.33 and $0.32. If the price breaks down from these levels, traders can take a short position with a tight stop loss.


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