thecoinrepublic.com
- 1 Hedera has seen a weak recovery in the weekly time frame but still has a long way to go
- 2 Technical indicators of $HBAR are favoring a consolidated trend in price. It has seen a drop of 8% in the Ethereum pair
Hedera is a blockchain platform that aims to provide a faster and more secure alternative to existing blockchain networks. The Hedera network is based on a distributed ledger technology that allows for the creation of decentralized applications and smart contracts. Hedera’s platform uses a unique consensus algorithm called the Hashgraph consensus algorithm which is faster and more energy efficient. Hedera has a total supply of 50 Billion and 61% of the total is circulating in the market. Hedera has an average transaction fee of $0.001 which is less compared to the other blockchains. Hedera is one of the best platforms for high-volume applications like gaming, social media, and other activities.$HBAR has a negative ROI but can observe a new high in the future.
Hedera has a market cap of $2.08 Billion with a drop of 5% in the past 24 hours.$HBAR has a market dominance of 0.17% and is ranked 31st in the crypto verse. The volume to market cap ratio of the asset price suggests a consolidated trend in price.
$HBAR Takes Support Near Major Level
The weekly technical chart of the $HBAR hints towards a consolidated momentum in price. It is currently taking support near a major support level. On the daily chart, it is trading near the value of $0.06 with a drop of 5% in the intraday session. Resistance of the $HBAR can be seen near the value of $0.08. The downside trend of $HBAR can see a bounceback from $0.05.It is trading near the 100 DMA and above the 50 Daily Moving Average. There can be a positive crossover in the asset price which can push the asset price to a new high.
The RSI of the Hedera is near 43 suggesting its presence in the neutral zone. There is no slope formed in the RSI suggesting a consolidated trend in price.
Conclusion
$HBAR is currently seeing a weak recovery in the weekly chart. Various analysts are expecting a strong upside trend in the future.
Technical Levels
Major Support: $0.04
Major Resistance: $0.08
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.