The cryptocurrency market is experiencing short-term volatility. Hedera (HBAR) is up 8.51% in the last 24 hours as investors sought to buy the market dip. At the time of writing, HBAR was exchanging hands at $0.2515. Hedera could see further relief buying due to an oversold RSI coupled with historical buying from the $0.21 level. The HBAR Foundation and MetaVRse, a web-based, low-code 3D creation platform, today announced a partnership to build Enterprise Metaverse solutions for the world’s largest organizations on the Hedera Network. The HBAR Foundation will support MetaVRse efforts through a grant and organizational support to fuel building the infrastructure of the enterprise Metaverse on the Hedera Network.
Key Levels
Resistance Levels: $0.3500, $0.3000, $0.2600
Support Levels: $0.2149, $0.1800, $0.1500
HBAR/USD Daily ChartHBAR bounced slightly after a steady decline beneath the $0.49 high in Mid November brought its price to lows of $0.21 on Dec. 13. The RSI has slightly bounced from oversold levels, but there remains ground to cover. If HBAR price snaps the MA 200 barricade at $0.287, the spotlight will fall on the MA 50 at $0.353.
Breaching these lines, the bulls will next head for the $0.49 level ahead of the $0.57 all-time highs. Alternatively, if selling pressures resurface, failure to pivot at the $0.20 or $0.21 level could see the price swiftly diving towards the $0.158 floor. A potential double bottom formation around here might kickstart a bullish reversal.
HBAR/USD 4-Hour ChartHBAR is currently tackling the 4-hour MA 50 residing at the level of $0.2518. If buyers drive the pair above the $0.2518 capping border, the MA 200 at $0.332 high may cap further movements to revisit the $0.477 high marked in November. The short-term oscillators suggest mixed directional momentum.
Alternatively, If sellers gain strength, immediate downside constrictions may arise from the $0.21 level ahead of adjacent support at $0.20. In brief, HBAR holds a neutral to slightly bearish stance in the short-term picture. This might seem to favor dip-buying while awaiting the initial break either above $0.287 or below $0.20 to determine the next direction.
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
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.
