HBAR Price Analysis: HBAR/USD Sets To Form Chart Pattern, Hedera Ranks Most Utilized Ledger by This Milestone

• At the time of publication, HBAR was exchanging hands at $0.259, down 3.73% in the last 24 hours
• By recently having topped 2 billion total mainnet transactions, Hedera continues to be the world’s most utilized public ledger.
• Hedera recently announced its partnership with award-winning musician A.R. Rahman

The cryptomarket is dipping and Hedera (HBAR) isn’t exempted from the market’s bearish action. At the time of publication, HBAR was exchanging hands at $0.259, down 3.73% in the last 24 hours and down 13.92% on the weekly basis. The moving averages are set to make a crossing on Hedera’s daily chart as HBAR/USD sets to form a key technical pattern. By recently having topped 2 billion total mainnet transactions, Hedera continues to be the world’s most utilized public ledger. On Jan. 6, Hedera announced its partnership with award-winning musician A.R. Rahman to create an NFT music platform promoting independent Indian artists. Hedera is also taking its step-by-step journey in bringing smart contracts 2.0 online is here as the HIP-206 goes live on the Hedera preview net.

Key Levels
Resistance Levels: $0.400, $0.350, $0.300
Support Levels: $0.250, $0.205, $0.150

HBAR/USD Daily Chart: Ranging

HBAR/USD Daily Chart

HBAR/USD has sold off aggressively in the past 7 days in a row, with the pair falling to $0.247 during the session today – a zone seen on Dec. 18, 2021, before a slight pick up. The outlook, therefore, seems to have turned negative, endorsed by the moving average (MA 50) about to cross below the moving average (MA 50) to form a ‘death cross’. That said, a sustained break below $0.250 is required to confirm the downtrend.

Another wave of losses could find initial support near $216, where a downside violation would turn the focus to the December 2021 low of $0.205 area. If the bears pierce below that too, that would reaffirm that a downtrend is in place. On the upside, the first obstacle for the bulls might be the $0.300 area. If they overcome it, the next target would likely be the $0.350 zone, where another positive break could open the door for a test of $0.370.

HBAR/USD 4-Hour Chart: Ranging

HBAR/USD 4-Hour Chart

HBAR had reached the level at $0.340 in an attempt to test the resistance at $0.350. In the short-term picture, the sentiment turned bearish after the price plunged below the 4-hour moving averages (MA 50 and MA 200). That being said, the pair might continue to trade very quietly between $0.300 and $0.250 as the RSI stretched under the midline 50.

Alternatively, if the price rebound remains strong from the recent low of $0.249, it is likely to meet a key barrier at the 4-hour moving average of 200 on the $0.287 level. Above that, the horizontal level of $0.300 could act as resistance too before a more important battle starts near the $0.350. An upward violation would be a very encouraging sign for the bulls.

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