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  • Thu. Aug 18th, 2022

Watch $0.05 support as Hedera Hashgraph fails to clear resistance

ByNdasi Tata

Aug 5, 2022
1658842260670 eee4e661 9bef 4686 ae53 9790d7c97d2c
1658842260670 eee4e661 9bef 4686 ae53 9790d7c97d2c

  • 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

1659644748514 d3d4b6ec 78d0 4201 bbfa 4c80e38fcaf6Source: 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

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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