Hedera Hashgraph is a smart contract platform that uses an algorithm for fast transactions
HBAR has reclaimed the $0.074 level after 10% gains in the week
HBAR could consolidate, but $0.074 remains the reference support
Hedera Hashgraph HBAR/USD has surged by more than 10% in the past 7 days. The gains have propelled the token to higher levels, reclaiming a major resistance. If trading HBAR, it is important to watch key levels where the price may face indecision.
Hedera Hashgraph is a blockchain that promises to deliver secure and fast transactions. The blockchain aims to achieve the objective through a distributed consensus algorithm. Hedera also seeks to enable anyone to deploy applications on the platform for true decentralization.
Hedera Hashgraph may not be the strongest cryptocurrency this year. Since bottoming at $0.06 in mid-July, it has been making very slow gains. That is despite most other cryptocurrencies staging strong recoveries. Nonetheless, recent recoveries may be a tip of what is about to come for the token.
Hedera Hashgraph begins recovery, but momentum is weak
Source – TradingView
From the daily chart outlook, the 21-day and 50-day moving averages have joined a support for HBAR. The 21-day MA has closed above the 50-day MA as bullish momentum builds. The MACD indicator also points to building momentum. The price is well supported above $0.074, suggesting that HBAR has set new reference support. The token is moving along an uptrend.
Concluding thoughts
If considering buying HBAR, the $0.074 should be the reference level. Nonetheless, with the weak momentum, the token could continue to consolidate. Consequently, HBAR is not the best token for short-term buyers. Dip and long-term buying are recommended.
If HBAR keeps $0.074 intact, the next levels to watch are $0.10 and $0.15. The cryptocurrency could also face some resistance at $0.09.
Be the first to comment