- Hedera’s HBAR price has fallen 90.9% from its all-time high.
- Despite new adoptions, indicators indicate a bearish trend.
- HBAR ETF discussions have begun as Canary Capital targets the US market.
Hedera’s distributed ledger technology has a growing number of partners and adoption cases, but its groundbreaking achievements do not seem to be reflected in HBAR’s price.
The Hashgraph Association’s recent foray into Moroccan infrastructure through its “2030 Digital Strategy” and Canary Capital’s move to apply for an HBAR ETF paint a bright picture for HBAR’s future. However, as Bitcoin (BTC) fell to $66,000 on Wednesday, Hedera Hashgraph’s native cryptocurrency token barely managed to stay above the key support level of $0.05.
Additionally, HBAR is currently trading with a short-term bubble risk, with the price likely to rise to $0.035. In this case, the long-term bullish diagonal structure is rejected.
HBAR’s Bubble Risk Explained
At $0.051, HBAR has already retraced 90.9% from its September 2021 all-time high. While this increases bullish reversals, HBAR’s current fund flows confirm a near-term bearish bubble.
On the daily chart, HBAR continues to show a negative Chaikin Money Flow (CMF) trend, remaining below zero. HBAR, which implies a reduction in large investor stakes, has a long way to go before it optimistically flips the script. Analysts are watching for a break above $0.064 as this resistance provides softer ground for holders to sell.
HBAR has formed a double profit line in the last two months, bouncing from $0.045 on September 7, 2024, and $0.049 on October 10, 2024. The short bubble caused HBAR to decline to $0.064 twice, in late August and September 2024. Last observed in July, HBAR’s price rallied above this basic resistance level and peaked at $0.078.
Moreover, HBAR is currently at an all-time low when traded against BTC. HBAR’s price against Bitcoin is just 0.00000077, implying that HBAR’s market share has declined significantly over the past few years, while BTC has increased its market dominance to nearly 55%.
On the flipside
- Hedera Hashgraph (HBAR), along with other public DLT datasets on GCP, is used by major IT companies including Microsoft and Google, which operate Hedera network nodes for the cloud.
- In addition to its long list of partnerships, HBAR attracted negative attention due to miscommunication about BlackRock’s MMF tokenization, and Hedera’s CEO resigned.
Why This Matters
Hedera Hashgraph is a strong player in the institutional space, leading many HBAR holders to believe in a final price increase similar to Solana’s success in recent years.
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