Watch $0.05 support as Hedera Hashgraph fails to clear resistance
- 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.
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