The majority of tokens are posting a recovery after Wednesday’s declines. Hedera (HBAR) is up 8% on the day at $0.370 following a rebound from the prior day’s low of $0.326. Hedera declined to enter into consolidation shortly after hitting all-time highs at $0.58 on Sept. 16. A few positive developments seek to aid HBAR’s price in the near term. First, DBS Bank, a Singapore-based financial services group has joined the Hedera Governing Council, becoming the first and only bank in Southeast Asia to do so. Second, Hedera announces a new era of interoperability through the upcoming Hashport portal, a new enterprise-grade public utility that enables the flow of digital assets between decentralized networks. Users will have the ability to explore DeFi, gaming, and NFT opportunities while enterprises will be able to use Hashport to simplify key business logic. The Hashport portal will also connect Hedera with Ethereum and Polygon.
Key Levels
Resistance Levels: $0.6000, $0.5000, $0.4000
Support Levels: $0.3000, $0.2500, $0.2000
HBAR/USD Daily ChartSince late September, Hedera (HBAR) has traded in a broad range against the US Dollar. The RSI gliding around the 50 neutral levels is indicative of consolidation. Today’s rebound to highs of $0.40 pierced through the MA 50 at $0.374 adding pressure on the buy-side. On the downside, HBAR/USD seems to be forming a cluster of support in between the moving averages 50 and 200 at $0.37 and $0.27 respectively.
The $0.30 level remains intermediate support while the sideways action goes on. Alternatively, a close above the $0.42 level may lead HBAR price to challenge the upper band of the current range near $0.45 once again.
A breakout above the $0.45 level (the previous all-time high) could see the HBAR/USD pair testing towards the recent record highs at $0.58.
HBAR/USD 4-Hour ChartLooking at the 4-hours chart, the HBAR/USD pair is likely preparing for a major break. On the upside, an initial resistance is around the $0.378 level near the 4-hour MA 50. The main range resistance zone is near the $0.414 level. A clear break above the $0.414 level is likely to set the pace for a steady increase. The next major resistance remains near the $0.45 (former all-time high) and $0.58 level.
Alternatively, a decline below the MA 200 at $0.366 could open the doors for further correction. In the stated case, the HBAR/USD pair could dive towards the $0.354 and $0.327 support levels. In the meantime, Hedera’s sideways action may continue into the near term as bulls and bears tussle it out for superiority. Otherwise, HBAR may consolidate higher boosted by fundamentals surrounding the Hashport portal launch that aims to increase the adoption of the Hedera network.
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