Hedera (HBAR) is up 5.07% in the last 24 hours at $0.059 and up 21.11% in the last seven days. Hedera has been named the winner of The Innovation Awards in the category “Innovation in DLT, Blockchain, and Crypto” per a Dmagazine report. Avery Dennison, one of the most important material sciences companies in the world, confirmed Hedera’s attendance at the World Economic Forum this year. The same company is currently one of Hedera’s partners, which means the network is already attracting partners that are aligned with the WEF’s efficiency and sustainability plans. The Hedera community is rocking so hard at World Economic Forum (WEF) Davos 2023. Hedera says it ranks the 12th highest by influence on Twitter. As stated in a blog post, smart contracts will pay rent on Hedera starting in February 2023. As defined, “rent” is the recurring payment required for contracts to remain active on the network and is comprised of auto-renewal and storage fees. Smart contracts on Hedera can pay for rent in two ways: with external funds or contract funds.
Key Levels
Resistance Levels: $0.0850, $0.0750, $0.0600
Support Levels: $0.0550, $0.0450, $0.0350
HBAR/USD Daily ChartA price break of the moving average (MA 200) on the daily chart indicates a mild price breakout region. Near-term range trading is likely to continue as the 36th-largest cryptocurrency battles to stay above the $0.0500 region, which serves as a critical zone. Because of a surge in positive bias, positive momentum is increasing while negative momentum is declining.
Hedera has regained some of its losses after plunging to the $0.0355 level. Buyers may come through around the $0.0600 handle in an attempt to strengthen the positive bounce after recovering from the loss. The Relative Strength Index, which indicates a surge in upward momentum, contributes to the bullish traction from the yearly low of $0.0355.
HBAR/USD 4-Hour Chart
According to the short-term oscillators, bulls are currently backing additional gains in the pair toward the $0.0600 level. Bears, on the other hand, may sell on rallies that fall below the 4-hour moving average (MA 50) at $0.0522. If investors keep the surge going above this mark, the $0.0700 barrier could represent the first point of resistance on the upside.
If favorable forces start to weaken, preliminary support might be at $0.0550. If the bearish trend persists, the price may target the short-term MA 200 at about $0.0440. HBAR/USD is showing an upward tendency, and bulls must push the price above the $0.0600 level to oppose bears.
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