HBAR Price Analysis: HBAR Rebounds From Market Selloff Lows; Pro Sports League Karate Combat Launches Airdrop on Hedera

• At the time of publication, HBAR was changing hands at $0.058, marginally up in the last 24 hours
• Karate Combat will be giving away 50% of the KARATE governance tokens through an airdrop on Hedera
• SaucerSwap has recently witnessed a surge in users, increasing by 235% in 30 days

Hedera (HBAR) is posting a mild rebound after dipping to tested lows during the recent market selloff. At the time of publication, HBAR was changing hands at $0.058, marginally up in the last 24 hours. Karate Combat, a prominent full-contact martial arts league, announced the decision to form a decentralized autonomous organization (DAO) to transition its governance to fans and athletes. Karate Combat’s DAO will be launched as part of a three-year sponsorship deal with Hedera’s HBAR Foundation, expected to go live in December 2022. Karate Combat says it will give away 50% of the KARATE governance tokens over time to its community through an airdrop on Hedera. In other news, SaucerSwap, the pioneering DeFi dApp on Hedera, has recently witnessed a surge in users, increasing by 235% in just 30 days. SaucerSwap is a Hedera-powered DeFi platform launched on August 5. Regarding total value locked (TVL), SaucerSwap achieved $10 million within the first week after the official debut and $16 million after one month.

Key Levels
Resistance Levels: $0.0850, $0.0725, $0.0650
Support Levels: $0.0561, $0.0456, $0.0301

HBAR/USD Daily Chart: Bearish

HBAR/USD Daily Chart

HBAR/USD is trading above the $0.0561 downside trough, which was established as the last support in September 2022, and is maintaining its neutral price action after reaching a yearly low of $0.0456. Nonetheless, the dictating moving averages (MAs) are supporting the dominant bearish trend as the price remains beneath the MA 50 zone at $0.0650 during its correction.

The daily relative strength index is exhibiting declining momentum under its midpoint, implying a downside price retracement, possibly towards the yearly low of $0.0456. If selling interest increases, the nearby low of $0.0500 may provide initial support. On the other hand, if buyers regain control and break above the MA 50 at $0.0650, early upside restrictions may emerge from the critical barrier section of the chart.

HBAR/USD 4-Hour Chart: Ranging

HBAR/USD 4-Hour Chart

On the 4-hour time frame chart, HBAR has formed a rebound pattern that is on the verge of a breakout or breakdown. The price has recently rebounded around the horizontal support level of $0.0561 and HBAR is now on its way to $0.0600. If a rally towards $0.0650 is not ignited this week, the HBAR/USD pair may test back towards the $0.0561 level.

Overall, HBAR/USD has maintained a consistent-ranging tone, and a return to a break above $0.0600 may reinforce this view. However, a sustained shift in the HBAR trend below and the horizontal support level of $0.0561 could undermine the anticipated positive outlook. Only when the HBAR/USD pair is trading above the moving averages is it bullish.

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