HBAR Price Analysis: Ticks Marginally Up as Hedera Announces Launch of Its Smart Contracts 2.0 Service

• HBAR is set to mark the third consecutive green candle after rebounding off the $0.213 level on Feb. 3
• At the time of publication, HBAR was changing hands at $0.25, up 3.32% on the day
• Hedera’s Smart Contract Service will integrate with Hedera Token Service (HTS)

Hedera (HBAR) is looking to claw back losses recorded in late January. HBAR is set to mark the third consecutive green candle after rebounding off the $0.213 level on Feb. 3. At the time of publication, HBAR was changing hands at $0.25, up 3.32% on the day. Hedera has announced the launch of its Smart Contracts 2.0 service. Hedera’s Smart Contract Service will integrate with Hedera Token Service (HTS), along with introducing other significant updates to the network. French gaming powerhouse Ubisoft recently announced its partnership with HBAR Foundation and Hedera to deliver Web3 GameFi products for the Ubisoft brand. The partnership will see Ubisoft join the ranks of Hedera’s governing council, meaning that Ubisoft will begin operation of a Hedera network node, leveraging huge computing power to verify more transactions on the Hedera network.

Key Levels
Resistance Levels: $0.3500, $0.3000, $0.2875
Support Levels: $0.2167, $0.2051, $0.1800

HBAR/USD Daily Chart: Ranging

HBAR/USD Daily Chart

HBAR/USD has surged for the 3rd day in a row to $0.2633 below the moving average (MA 50) on the daily chart. The market action, however, is far from January’s top of $0.3478 and as a result, a downside correction appears to be more likely if the relative strength index (RSI) nears the overbought zone.

The price might rapidly rise towards the $0.2711 – $0.3094 range if the resistance wall at $0.2700 fails. Crawling higher, the rally may face resistance from the level at $0.2875 before the $0.3000 top and the $0.3500 level. If the resistance stands and proves to be too difficult to overcome, the pair may head south in search of support near the horizontal level of $0.2167.

HBAR/USD 4-Hour Chart: Ranging

HBAR/USD 4-Hour Chart

HBAR’s recent rapid bullish run on the 4-hour chart appears to have reached overbought territory, boosting the chances of a negative correction. In case of downside corrections, immediate support could come from a round number of $0.2400. Also, the short-term moving average (MA 50) at $0.2300 could attract traders’ attention, which is might stand as support.

A dive below this crucial zone might dampen HBAR’s attempt into a positive zone to neutral as any movement beneath the moving average (MA 50) could change this view. The pair is on its way towards the January peak at $0.3478. The RSI’s top in the overbought area may slow the momentum down as intraday buyers take a break beneath the $0.2633 intraday high.

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