61
The cryptocurrency market is thriving on the current bullish sentiment, with most tokens trading in the green. Hedera Hashgraph (HBAR) remains among the day’s top movers, climbing from lows of $0.163 to highs of $0.221, gaining nearly 35% in the process. At the time of writing, HBAR was trading at $0.185 with a present market capitalization of $1.77 billion. Hedera Hashgraph network recently announced “For #NFTs to go mainstream it’s important to develop a thriving ecosystem around this emerging market and we are excited to be part of Launchpad Luna powered by Animoca brands and global venture accelerator Brinc”. Launchpad Luna, a new accelerator program to identify, mentor, and invest in promising blockchain and non-fungible tokens (NFT) startups will allow funding of up to US$500,000 and end-to-end support.
Key Levels
Resistance Levels: $0.3500, $0.3000, $0.2500
Support Levels: $0.1500, $0.1000, $0.0887
HBAR/USD Daily Chart: Ranging
HBAR/USD Daily Chart
Hedera Hashgraph started a fresh increase after testing the $0.152 support on July 21. HBAR price continued to rise, with today’s rally being the biggest since the start of July. There was a break above the MA 50 barrier at $0.1868 while the digital asset traded briefly above the MA 200 resistance, reaching highs of $0.221 on July 26. The momentum indicators are confirming the recent bullish movement with the RSI jumping above the neutral threshold of 50.
A successful attempt above the MA 200 at $0.213 could take the HBAR/USD pair towards the $0.247-$0.306 range before flirting with the $0.38 handle. More increases could send the bulls to retest the $0.42 level ahead of the all-time highs from March at $0.459. Alternatively, a dive beneath the MA 50 at $0.1876 could meet the $0.15-$0.16 support range ahead of the $0.135 low on June 22.
HBAR/USD 4-Hour Chart: Ranging
HBAR/USD 4-Hour Chart
Looking at the 4-hours chart, there was a major resistance formed near the $0.221 level resulting in a minor downside correction from the swing high. Despite this, the HBAR/USD pair remains well bid above the $0.179 level or the 4-hour MA 200. There is also immediate support forming near the $0.186 level. Any more losses could lead the pair towards the main support at the MA 200 ($0.179) to reach the MA 50.
If bearish traders plunge beneath the MA 50 currently around $0.1739, the support levels at $0.17, $0.163, and $0.154 may come to the bulls’ rescue. On the upside, the HBAR/USD pair is now trading above the moving averages of 50 and 200. If it remains stable above the MA 200 at $0.179 and above $0.221, there are high chances of more gains towards the $0.30 and $0.40-$0.45 levels. Summarizing, the 4-hour MA 200 ($0.179) marks pivotal support, loss of which would sideline bulls.
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
Image Credit: Twitter
