HBAR Price Analysis: HBAR/USD Hits Record High of $0.459 Amid Market Dip, Hedera Hashgraph Mainnet v0.12.0 Upgrade Goes Live

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It is a bearish start to the week for most crypto assets. BTC plunged from record highs above $61k and the majority of Altcoins tumbled following the news of India’s proposed complete ban on cryptocurrencies. Hedera Hashgraph is a public network that allows individuals and businesses to create powerful decentralized applications (DApps). Hedera Hashgraph (HBAR) has been in a strong uptrend since the beginning of March. On Mar.15, HBAR/USD hit a record high of $0.459 despite the ongoing market dip. At the time of writing, the HBAR token is exchanging hands at $0.4012, having gained 19.31% in the last 24 hours and 138.19% weekly. With a market capitalization of $3.13 billion and $1.23 billion in trade volume over the past 24hrs, Hedera Hashgraph has secured a place among the top 50 crypto assets by market cap. On Mar 12, Hedera Hashgraph mainnet v0.12.0 upgrade went live. In its release notes, Hedera services stated that it had completed the MVP implementation of the Hedera Scheduled Transaction Service (HSTS). Now, users of the Hedera Token Service (HTS) have more control over the lifecycle of their token associations.

*Hedera Hashgraph (HBAR) has been in a strong uptrend since the beginning of March

*HBAR token is exchanging hands at $0.4012 having gained 19.31% in the last 24 hours and 138.19% weekly

*On Mar 12, Hedera Hashgraph mainnet v0.12.0 upgrade went live

Key Levels

Resistance Levels: $0.6000, $0.5500, $0.4599,

Support Levels: $0.3500, $0.2990, $0.2468

HBAR/USD Daily Chart: Bullish

HBAR/USD Daily Chart

Hedera Hashgraph has remained in a strong uptrend since March 8. Today’s rise from lows of $0.3262 to intraday highs of $0.4599 marks the 8th consecutive day of trading in green. HBAR has entered price discovery after setting new all-time highs, which means there are no defined resistances above. A sustained break past an all-time high at $0.4599 could cause the Hedera token to rally to $0.55 and $0.6.

On the contrary, the long wick on today’s candlestick suggests traders are booking profits at higher levels. Support on the downside remains at $0.37 and $0.33. HBAR left several support levels untested. Hedera’s bullish view will invalidate if the price turns down and breaks below the MA 50 at $0.143.

HBAR/USD 4-hour Chart: Bullish

HBAR/USD 4-Hour Chart

Hedera token is consolidating gains at $0.40 after a failed attempt to breach past the $0.4599 high. As seen on the 4-hour chart, Hedera Hashgraph price gains have always been punctuated by a period of consolidation before a climb higher. If the bulls regain their strength and breach past $0.4599, HBAR may climb to $0.5 in the coming sessions.

The upsloping moving averages and positive RSI suggest an advantage to the bulls. On the flipside, HBAR/USD sits atop of robust support at the 4 hour MA 50 support located at $0.25 which may mitigate downside risks. The HBAR/USD pair stays bullish while trading above the $0.299 mark and MA 50 zone.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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