Most digital assets are battling key resistances following the prior days’ rebound. Hedera bulls have reached a decisive moment in continuing the rebound started on Nov. 27. At the time of writing, HBAR traded at $0.350, up 3.43% in the last 24 hours. In what is seen as an adoption boost, Shinhan bank, a leading Korean bank plans to mint South Korean Won (KRW)-backed stablecoins on Hedera. The partnership which also involves a global megabank outside of Korea will see the two banks use the Hedera Consensus Service (HCS) to track and record transactions and also confirm the foreign exchange rate at the time of each transaction. Hedera claims that the average fee per transaction on its network is $0.0001, and the average transaction time is 3-5 seconds, both great improvements from what is currently available from traditional remittances.
Key Levels
Resistance Levels: $0.6000, $0.5000, $0.4000
Support Levels: $0.3296, $0.3000, $0.2875
HBAR/USD Daily ChartHedera’s price started a rebound after trading as low as $0.299 on Nov.28. After reaching intraday highs at $0.382 on Nov. 30, Its positive impetus hit a minor snag on investors’ cautious stance following a resurgence of ”omicron” fears. That said, overcoming the MA 50 at $0.383 (support now turned barrier) is critical to reinforce upside momentum.
Should buyers succeed, they may then catapult HBAR’s price towards the $0.43 and $0.48 levels. Sustaining sufficient buying interest could then lift the HBAR/USD pair to challenge the $0.583 all-time highs. Alternatively, immediate support is envisaged at $0.326 support. Diving from here, the bears could encounter the $0.299 level and the MA 200 at $0.29.
HBAR/USD 4-Hour ChartHBAR returned to trade above the MA 50 after sliding marginally below it to chart lows of $0.299.The RSI continues to fluctuate around its 50 neutral mark. The market structure remains neutral, though the negative intersection between the MAs is not a promising sign for the market trend. That said, a break above the $0.38 high could drive HBAR price straight up to the $0.3902 zone where the MA 200 is located.
Hence, another step higher from here could unleash the next bullish action towards the $0.44 and $0.48 levels, causing the bulls’ fortunes to improve. In summary, Hedera seems to be at a make-or-break point around the $0.383 region. While the risk though neutral is slightly tilted to the downside, the selling appetite might be suppressed, increasing the odds for an upside continuation.
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