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HBAR Price Analysis: Upside Consolidation Despite the Market Dip, Hedera To Deliver Traceability for South African Agro Firm

BTC

 

  • Hedera Hashgraph recovered from the dip of the May 19 market crash to enter into the consolidation range
  • At the time of writing, HBAR’s price was consolidating at $0.260
  • Hedera to deliver traceability for South African agro firm, AgVentures

The crypto market remains in red as the price slide continues across the board. Hedera Hashgraph is one of the small handful of tokens trading in the green, up 13.08% in the last 24 hours. Hedera Hashgraph recovered from the dip of the May 19 market crash to enter a sideways trading range between $0.20 and $0.30. At the time of writing, HBAR’s price was consolidating at $0.260. With a market capitalization of $2.22 billion and $498 million in trade volume over the past 24hrs, Hedera Hashgraph ranks among the top 50 crypto assets by market cap. Many projects and organizations have joined Hedera’s governance council since the previous year, with the latest addition being Chainlink labs. Hedera Hashgraph shared a tweet on May 20 regarding its collaboration with South African agro firm, AgVentures as the latter stated ”We are currently working on a traceability system (from farm to fork) for the meat value chain based on Hedera”.

Key Levels
Resistance Levels: $0.4000, $0.3500, $0.3000
Support Levels: $0.2000, $0.1500, $0.1000

HBAR/USD Daily Chart: Ranging

HBAR/USD Daily Chart

Hedera Hashgraph entered into consolidation shortly after reaching all-time highs of $0.45 on Mar. 15. HBAR has so far failed to overcome the supply area between $0.35 to $0.45 on the daily chart, having faced rejection from this area on at least three counts since late March. After recovering from the May 19 dip of $0.15, HBAR persisted in consolidation with its price action capped beneath the MA 50 ($0.30).

On the upside, the MA 50 is the first hurdle to lift before the recovery could climax. A bullish breakout above the $0.35-$0.45 range could end the month-long consolidation and put Hedera back on track for the next leg of the uptrend with target objectives of $0.5 and $0.7. Alternatively, a bearish close below the lower band of the current range (around $0.20) would trigger a sell-off as buyers try to bail out. The strong MA 200 support at $0.15 should act as a backstop for further losses.

HBAR/USD 4-hour Chart: Ranging

HBAR/USD 4-Hour Chart

On the 4 hour chart, HBAR price action remains constrained below the convergence of the moving averages 50 and 200. A rise above the MA 50 ($0.28) and MA 200 ($0.29) would be a confirmation for the bulls as the upward momentum accelerates. Above this level, the $0.35-$0.45 range remains another key resistance to lift, if the bulls expect to turn the sentiment around once for all.

Should prices decline further, an immediate level could be found around $0.22. Then a leg below that, the HBAR/USD pair could meet support at $0.20 before the focus shifts to $0.18. Steeper downside moves could open the door for a retest of the $0.15 low. Overall, HBAR/USD remains in a horizontal trajectory. The RSI just at mid-level reading suggests the consolidation might extend a little further before the next major move.

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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