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Most crypto assets are extending near-term corrective moves today, with Hedera (HBAR) turning slightly stronger. Hedera remains one of the few assets, trading in the green, on course to mark its second day of gains despite the market dip. At the time of writing, HBAR was exchanging hands at $0.4738, up 6% on the day. Akt.io, in partnership with the HBAR Foundation, is launching on the Hedera network, becoming the first DeFi app on the eco-friendly blockchain. Akt.io, whose parent company is Automata, has been awarded a grant and will receive organizational support from the HBAR Foundation to fuel its launch and growth on the Hedera Network. In another positive news, Hedera announced the arrival of Hashport, an enterprise-grade public utility that facilitates the movement of digital assets between distributed networks. Users will now have the ability to explore DeFi, gaming, and NFT opportunities while enterprises will be able to use Hashport to simplify key business logic.
Resistance Levels: $0.6000, $0.5500, $0.5000
Support Levels: $0.4000, $0.3500, $0.3000
HBAR/USD Daily Chart: Bullish
HBAR/USD Daily Chart
HBAR extended its advance into the second day on Friday, while pressuring a near 7-week high at $0.478. Buyers purchased the dip after HBAR plunged to lows of $0.378 on Nov. 10 and it seems this might extend further. As regards the price momentum, the latest rebound in the RSI suggests upside pressures may dominate.
Although the bulls will probably need to clear the nearby $0.48-$0.495 resistance to finally take the reins. If that is the case, the price could pick up steam towards September’s all-time high of $0.583 before entering uncharted territories. Alternatively, Should sellers come into play, the price may seek footing within the $0.377(MA 50) – $0.303 levels.
HBAR/USD 4-Hour Chart: Ranging
HBAR/USD 4-Hour Chart
HBAR has been flowing above the MA 50 at $0.411 in the last couple of sessions. The bounce on the MA 200 at $0.385 on Nov. 10 can be taken as another encouraging sign that buyers are looking to control the market. Bulls target significant barriers at $0.474, violation of which would unmask psychological $0.50 level and September’s peak at $0.583.
Bullish studies on the technical charts support positive price action, which could be interrupted for consolidation due to present market conditions. Dip-buying is favored above the 4-hour moving averages 50 and 200 ($0.385 and $0.411 respectively). Traders need to observe the market trends as this may impact HBAR price. However, HBAR price may ride higher buoyed by fundamentals, with corrective dips to reenter the market.
