The cryptocurrency market is trending downwards as profit-taking continues across the board. Hedera Hashgraph (HBAR) is likewise trading down in line with the crypto market declines. At the time of writing, HBAR was exchanging hands at $0.059, down 0.97% in the last 24 hours and 1.22% weekly. Hedera Hashgraph has a present market capitalization of $1.37 billion with a trading volume of $34.2 million over 24 hours. The Hedera public network is an environmentally friendly distributed ledger technology (DLT) designed for high-volume applications such as supply chains, verifiable data proofs, payments, advertising, asset tokenization, and more. On October 19, the Hedera network officially crossed the 2.5 billion mark in mainnet transactions in a major utility milestone.
Key Levels
Resistance Levels: $0.0850, $0.0750, $0.0650
Support Levels: $0.0585, $0.0500, $0.0456
HBAR/USD Daily ChartHBAR is trading in a constrained range on light volumes, but it is still above the $0.0500 psychological support zone, where the pair is trying to establish a stronger base. The most recent comeback rally from the $0.0560 low of the previous month peaked at $0.0674. HBAR is currently aiming for a final push beyond the $0.0846 (Aug 2022 high) and $0.0900 moving average (MA 200) zones.
On the other hand, bearishly aligned near-term technicals also support the downward scenario, with the $0.0743 near-term resistance zone still standing and the moving average (MA 50) functioning as a restricting barrier. Otherwise, it would be possible to anticipate an upside surge if a $0.0650 handle that would open next was lost.
HBAR/USD 4-Hour ChartSince reaching a low of $0.0553 on September 21, HBAR has entered a sideways consolidation pattern, as shown in the 4-hour time frame. While its recovery is still ongoing, the scant upward momentum does not yet support a breakout. Instead, the consolidation will likely continue for a long time. However, even in the event of a deeper retreat, most traders anticipate that the psychological support zone of $0.0500 will keep the downside of Hedera in check.
If $0.0553 is breached, a broader downward trend will resume, with projected lows between $0.0500 and $0.0456 on May 11, 2022. However, the structure points to a potential corrective rally from the current consolidation, which is consistent with the anticipated positive outlook for the entire market. The $0.0553 support is supposed to restrict the downside for HBAR.
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