HBAR Crypto Fails to Sustain the Breakout, What’s Next?

• HBAR crypto price is facing strong rejection at previous swing highs.
• The volume of the Hedera has been trading flat in the last 24 hours.

Hedera (HBAR) is the native cryptocurrency of the energy-efficient Hedera network, utilizing a proof-of-stake consensus mechanism for security. Created by Dr. Leemon Baird and Mance Harmon, it features fast transactions, low fees, and a fixed supply of 50 billion coins. Users employ HBAR for network services and can stake for up to 6.5% APY, ensuring network security.

After witnessing a decline of 0.97% in the market cap of the Hedera, the current market cap is $2.988B. It results in a market cap ranking of 32nd in the crypto market. 

The trading volume of the crypto has also declined by 0.5% and the traded volume for the crypto is $89.66M. The current volume/market cap ratio of the crypto is 2.98% and the circulating supply of Hedera crypto is 33.612B HBAR. 

Hedera Derivatives Analysis

The HBAR crypto has witnessed a long liquidation of $172.33K in the last 24 hours against the short liquidation of $16.12K. Moreover, the long/short ratio of the Hedera is recorded as 0.9286 as per Coinglass. The derivatives volume has also witnessed a slight advance of 6.06% resulting in $65.91M.

HBAR Technical Analysis

The HBAR crypto price is trying to advance to higher levels and is facing strong resistance at the level of $0.09900. The trading price of the crypto is advancing to higher levels and recently broke a high of the crucial resistance but failed to sustain above the same. It shows that the sellers are trying to drag the price to lower levels.

HBAR/USD Chart by TradingView

The 50-day and the 200-day EMAs are trading in a golden cross and the price has also broken above the following EMAs. The price of the crypto is consistently advancing and the Bollinger band is also rising.

The RSI currently trading at overbought zones and the 14-day SMA has also advanced to higher levels. This behavior of the crypto price shows buyers’ dominance in the market. 

Conclusion 

HBAR crypto price is showing bullish momentum despite facing resistance at $0.09900. It is the native token of Hedera, a fast and secure network for decentralized applications. HBAR crypto has a strong market position and utility in the Hedera ecosystem. This cryptocurrency’s price needs to sustain above the breakout level to confirm its uptrend.

Technical Levels

Support Levels: $0.04200 and $0.06300

Resistance levels:$0.1540 and $0.2560

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.