HBAR Price Analysis: Price Persists in a Range, Australia’s Second-Largest Bank To Expand Stablecoin Deployment on Hedera

• Hedera’s (HBAR) price remains in a range despite the slight rebound seen in the last 24 hours.
• OpenZeppelin, Web3 security, and auditing firm has announced plans to integrate with Hedera
• The integrated solution will first be utilized by ANZ Bank, Australia’s second-largest bank, to deploy A$DC, an Australian dollar-backed stablecoin.

Hedera’s (HBAR) price remains in a range despite the slight rebound seen in the last 24 hours. At the time of publication, HBAR was changing hands at $0.068, up 2.55% in the last 24 hours. OpenZeppelin, a Web3 security, and auditing firm have announced plans to integrate its OpenZeppelin Defender and OpenZeppelin Contracts services with the Hedera network. The integrated solution will first be utilized by ANZ Bank—Australia’s second-largest bank by market capitalization—to deploy A$DC, an Australian dollar-backed stablecoin. The initiative gives ANZ the chance to further test its A$DC on the Hedera network. ANZ Bank first issued A$DC in early 2022, becoming the first financial institution in Australia to issue a stablecoin on the Ethereum network. Looking ahead, ANZ Bank will expand its deployment of A$DC, including on the Hedera network. OpenZeppelin’s integration with Hedera will strengthen Hedera’s use for DeFi applications and allow more enterprises to build Solidity-based smart contracts on the network.

Key Levels
Resistance Levels: $0.1000, $0.0850, $0.0725
Support Levels: $0.0650, $0.0600, $0.0450

HBAR/USD Daily Chart: Ranging

HBAR/USD Daily Chart

On the daily charts, the HBAR/USD remains slightly above support at 0.0600 levels, but the path to the next level of resistance at $0.0725 remains intact, with the moving average (MA 50) at the same level. The pair, which had continued its extended consolidation on its daily hit $0.0705 as broad-based USD strength continues to weigh on.

As of this writing, the pair is up 1.74 percent on the daily chart. The daily Relative Strength Index (RSI) is rising to test the midline range at 50, which is currently around 44. This suggests that the upside move might soon gain more traction. Furthermore, the buyers are aiming for a bullish move above the moving average (MA 50).

HBAR/USD 4-Hour Chart: Ranging

HBAR/USD 4-Hour Chart

The HBAR/USD trend remains unchanged as consolidation around the $0.0650 level continues. A breakthrough cannot be ruled out. However, recovery may include a retracement from the $0.0700 zone to the $0.0600 area at $0.0650 levels to usher in a test of the lower end before the upside continuation.

A break of the $0.0650 minor support level, on the other hand, may initially shift the bias back to the downside, re-testing the $0.0600 low region. A continued surge above the $0.0700 region, on the other hand, may reduce the immediate bearish scenario and shift focus back to the $0.0850 resistance.

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