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HBAR Price Analysis: Upside Consolidation As Hedera Reaches the 1.5 Billion Transaction Mark To Rank Most Used Ledger

HBAR
  • Hedera Hashgraph (HBAR) is one of the few assets Trading in the green
  • HBAR was exchanging hands at $0.213, up 2.43% in the last 24 hours
  • The Hedera network attained the 1.5 billion transaction mark

The cryptocurrency market is trading generally down as profit takings ensue across the board. Hedera Hashgraph (HBAR) is one of the few assets Trading in the green amid an ongoing upside consolidation. At the time of writing, HBAR was exchanging hands at $0.213, up 2.43% in the last 24 hours and 9.53% weekly. Hedera Hashgraph has a present market capitalization of $2 billion with a trading volume of $182 million over 24 hours. The Hedera public network is an eco-friendly distributed ledger technology (DLT), designed for high-volume usages such as supply chain, verifiable proofs for data, payments, advertising, tokenization of assets, and more. On August 2, the Hedera network attained the 1.5 billion transaction mark to rank one of the most used ledgers as Hedera founders, Mance Harmon and Leemon Baird make it to the EY’s 2021 Entrepreneur of the Year Program list.

Key Levels
Resistance Levels: $0.3500, $0.3000, $0.2500
Support Levels: $0.1800, $0.1500, $0.1000

HBAR/USD Daily Chart: Ranging

HBAR/USD Daily Chart

Hedera Hashgraph nudged back above the MA 200 at $0.219 in today’s trading session, reaching highs of $0.235. While improving slightly within the sideways move, the short-term oscillators are skewed marginally to the upside. The RSI is crawling up in the bullish territory. Gaining extra ground in the sideways market, a sustained move above the MA 200 may face an initial barrier near the $0.24 level.

Conquering this area, the bulls may next pilot the HBAR/USD pair towards the $0.30-$0.37 level. Steering higher from here, the price may propel beyond the $0.40 level to reach the $0.45 all-time highs. On the other hand, if sellers drive HBAR price below the MA 200 towards the MA 50 at $0.18, early downside limitations may occur at the $0.15 -0.16 range ahead of the $0.135 low.

HBAR/USD 4-Hour Chart: Ranging

HBAR/USD 4-Hour Chart

HBAR upside correction overcame the moving averages following a rebound on the base of $0.154 on July 21. Despite the RSI moving in bullish territory, the technical oscillator has slowed down recently, suggesting that the rally may take a breather. The implied decreasing positive momentum in the price is drawing some caution as bullish crosses have occurred between the 4-hour MA 50 and MA 200.

If buying interest is sustained beyond the $0.228 barrier, the bulls could then move to test the $0.30- $0.40 ahead of the all-time high at $0.45. Alternatively, if the bears manage to pull the price back below the $0.211 barrier now turned support, the price could initially stall at the MA 50 at $0.205 before testing the MA 200 at $0.185. Lower, if the $0.17 support gives way, traders could shift focus towards the $0.163 level ahead of the floor of lows at $0.154. All in all, HBAR/USD remains well bid above the bullish crossover of the 4 hour MA 50 and 200.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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