Hedera’s HBAR Token Enters Challenging Territorial Zone
The price of HBAR has taken a meaningful tumble over the past couple of weeks, plunging 26% and marking the entry into a bear market.
Today, on August 31, HBAR trades at $0.2243,its lowest value since mid-July. This downturn paints a worrisome picture for cryptocurrency enthusiasts.
Technical outlook Indicates Further Decline
The daily chart of HBAR reveals a clear downtrend, dropping from $0.3020 earlier in August. Analysts see a bearish breakout forming, with a descending triangle on the price chart.
Key levels such as the 50-day Exponential Moving Average and support at $0.2257 suggest the bears are firmly in control. Indicators like the Relative Strength Index and MACD align with this bearish sentiment.
- If these trends continue, HBAR could dip down to $0.10, representing a 55% fall from present figures.
- An upside break beyond the triangle’s upper boundary would reverse this pessimism, opening the path toward $0.30 resistance.
Positive Factors May Stem the Downward Trend
Despite the negative technical signals, several fundamental factors might bolster HBAR’s performance. Potential approval of a spot HBAR ETF by the SEC stands out as a major catalyst.
Hedera’s role in the stablecoin space also glitters with promise. A 50% rise in the network’s stablecoin supply supports bullish claims.
The potential impacts on the payment industry due to Hedera’s fast, fair, and cost-effective transactions might disrupt norms.Additionally, partnerships like the one with Swarm for tokenizing real-world assets create opportunities.
