- Hedera Hashgraph is a PoS distributed ledger using hashgraph consensus algorithm
- Native HBAR trades in a tight range below the $0.08 resistance
- Watch $0.05 support for a potential bullish retracement
Hedera Hashgraph HBAR/USD is a proof-of-stake distributed ledger of transactions. The network uses a distinct algorithm called hashgraph. It was developed to enhance faster transactions. While the crypto market has recovered above $1.05 trillion in market cap, HBAR is struggling.
HBAR has declined by 1.2% in the past day at $0.07. The daily transaction volume has also dipped by as much as 17% in the same period. HBAR loss is even wider in the broader outlook. The tokens have plunged 75% YTD and 86% from the all-time high. Hedera Hashgraph’s market cap is also dwindling.
The token is currently ranked #39 in the crypto list with $1.5 billion in valuation. In the past 24 hours alone, the valuation has dropped by $30 million. The technical price outlook further affirms the bearish sentiment HBAR is facing.
HBAR locked between $0.05 support and $0.08 resistance
Source: TradingView
HBAR has been contained between $0.08 resistance and $0.05 support level since June 10. An attempt to break above the resistance was rejected on August 1. HBAR is now on a retracement with weak momentum. The RSI indicator is at 51, while the MACD is close to the baseline with no clear trend.
Concluding thoughts
The technical analysis points to a bearish momentum in Hedera Hashgraph. Its fundamental aspects lie in the promise for faster transactions and broader crypto adoption. For enthusiasts of blockchain technology, the current price level can be a huge discount.
However, for short-term traders, patience is recommended, with the key level to watch being the $0.05 support. At this point, a buy is only recommended with the confirmation of a bullish price action signal. Momentum indicators should also be monitored.
The post Watch $0.05 support as Hedera Hashgraph fails to clear resistance appeared first on CoinJournal.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.
