- Hedera’s HBAR price backtracked 90.9% from all-time heights.
- Metrics unfold a bearish trend despite new adoption cases.
- HBAR ETF talks emerge as Canary Capital targets the U.S. market.
Hedera’s distributed ledger technology has a growing number of partners and adoption cases, but the breakthrough doesn’t seem to reflect on HBAR’s price.
The Hashgraph Association’s recent entrance into Morocco’s infrastructure with its “2030 digital strategy” and Canary Capital’s move to apply for an HBAR ETF has painted a bright picture for HBAR’s future. However, on Wednesday, Hedera Hashgraph’s native crypto token barely held the $0.05 key support level as Bitcoin (BTC) slumped back to $66K.
In addition, HBAR now trades with a short-term bubble risk, potentially driving its price to $0.035. In this case, the long-term bullish diagonal structure would be rejected.
HBAR’s Bubble Risk Explained
At $0.051, HBAR has already retraced 90.9% from its all-time peak in September 2021. While this increases a flip to a bullish reversal, the current money flows on HBAR confirm the short-term bearish bubble.
On the one-day charts, HBAR continues to showcase a negative Chaikin Money Flow (CMF) trend, hovering below zero. Signifying a large investor stake reduction, HBAR has a long way to go before flipping the script bullishly. Analysts are watching out for a break above $0.064, as this resistance line provides a softer position in holder sell-offs.
HBAR has formed a double bottom line in the recent two months, bouncing back from $0.045 on September 7, 2024, and from $0.049 on October 10, 2024. The short bubble saw HBAR rejected on the way to $0.064 twice in late August and September 2024. Last seen in July, HBAR’s price rallied above this fundamental resistance level and peaked at $0.078.
Moreover, HBAR is currently at an all-time low when traded against BTC. At just 0.00000077, HBAR’s price against Bitcoin hints at a massively decreasing market share for HBAR in the past few years, while BTC increased its market dominance to nearly 55%.
On the Flipside
- Hedera Hashgraph (HBAR) is used by major IT corporations, including Microsoft and Google, which operates a Hedera network node for the Cloud alongside GCP’s other public DLT datasets.
- Aside from the lengthy list of partnerships, HBAR caught negative attention due to miscommunication about BlackRock’s MMF tokenization, causing Hedera’s CEO to step down.
Why This Matters
Hedera Hashgraph stands out as a heavy player in the institutional field, leading many HBAR holders to believe in an eventual price appreciation similar to Solana’s success in recent years.
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