Expectations remain for a comeback of bulls in the crypto market come 2023, although such indications seem not yet certain. The crypto market is seeing slight selling pressure at press time, with Hedera’s HBAR token down 1.59% in the last 24 hours to $0.038. Pangolin, a multichain decentralized cryptocurrency exchange (DEX) on the Avalanche and Songbird Networks, has announced it will launch on Hedera. Pangolin is one of the most popular DEXs on the Avalanche blockchain, with over $16 billion in total trading volume. This year, Pangolin launched on the Songbird Network and announced plans for NEAR, Flare, and now Hedera. In other news, the Hashgraph Innovation Program, a joint initiative between the Swiss Hashgraph Association and the Swiss Digital Assets Institute (SDAI), has gotten off to a successful start. The Swiss Hashgraph Association, which is based in the Greater Zurich Area, is supporting a total of 35 projects that aim to develop innovative applications on the Hedera network. The blockchain funding program is being operated together with the Swiss Digital Assets Institute.
Key Levels
Resistance Levels: $0.0553, $0.0500, $0.0456
Support Levels: $0.0377, $0.0300, $0.0250
HBAR/USD Daily ChartThe HBAR/USD opened lower at $0.0380 and rose to $0.0391 on Wednesday. As buyers appeared focused on levels above $0.0390, the pair continued to range. A decisive decline below $0.0380 must be produced to analyze the bearish situation. The pair may continue to tumble, with pessimistic traders eyeing the area below $0.0300 as a likely target.
Growth from the December 31st low of $0.0355 is viewed as a likely rebound phase within a longer-term consolidation trend. More gains are predicted as long as the $0.0300 support level holds. A robust breakout of $0.0456, on the other hand, would signal the end of the continuation of the bounce from the $0.0355 low, bringing the upside back into focus.
HBAR/USD 4-Hour ChartThe HBAR/USD is still trading in a range from its recent low of $0.0355, with an intraday tilt to the downside. If the last support level of $0.0377 holds, the price is likely to rise further. A significant return above $0.0456, on the other hand, will recoup all profits made in December.
The next target will be a mid-term level of $0.0440 as the 4-hour relative strength index hits the neutral zone. A break of revised support at $0.0377, on the other hand, might reverse the expected uptrend and expand the range from $0.0388 with a fresh decline phase below the level at $0.0355.
Note: Kryptomoney.com is not a financial advisor. Do research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
