Hedera (HBAR) is attempting a rebound from the key support level at $0.070. HBAR has persisted in a tight range since mid-June, suggesting imminent major movement. At the time of publication, Hedera was trading at $0.0740, marginally up in the last 24 hours. The Hedera network has been named to the Constellation shortlist for Blockchain Services in Q3 2022. The shortlist recognizes technology vendors and innovators reinventing operations and transforming business models for early adopters and fast-follower organizations. It also identifies leading solutions providers through conversations with early adopter customers, independent market research, and briefings with vendors and partners. Hedera offers a range of different DLT services that are used by organizations of all sizes—from start-ups to Fortune 50 companies.
Key Levels
Resistance Levels: $0.1350, $0.1000, $0.0850
Support Levels: $0.0725, $0.0600, $0.0450
HBAR/USD Daily ChartHedera Hashgraph (HBAR) appears to have found some support at the daily moving average (MA 50) of $0.0725, after reaching intraday highs of $0.0747 in trading on Tuesday. The RSI is indicating a declining positive sentiment while crossing below the 50 neutral thresholds. The price between the moving averages is also something to watch out for in the coming sessions.
If the MA 50 closes the gap towards the MA 200, it may be a good indication for the HBAR/USD pair. However, if the price falls off the solid barrier of the MA 50 at approximately $0.0725, early downside limits could emerge from the $0.0600 level ahead of the yearly low of May at $0.0456. A rebound off the MA 50 could boost HBAR’s price towards the $0.1000 resistance band.
HBAR/USD 4-Hour ChartToday, HBAR came close to breaking the ascending trendline support at $0.0730, reaching lows of $0.0733. The 4-hour RSI indicates that the market may retain neutral momentum as long as it keeps beneath its neutral barrier of 50. On the upside, the price might try to break through the MA 50 at the $0.0790 resistance level, which, if overcome, could open the door to the $0.0850 level.
If traders continue to buy the HBAR above this level, resistance could build up to the $0.1 level before attempting mid-term highs of $0.2691 in March. However, a negative reversal could find immediate support under the MA 50 at $0.0725. If this does not stop the bearish trend, the next target could be the $0.0600 range.
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