During Tuesday’s trading session, Hedera (HBAR) recorded a modest 1.8% gain, rising from $0.1348 to $0.1372 by 14:00 GMT on December 10. This uptick indicates a clear ascending trend for the cryptocurrency, which has established higher lows at $0.1360 and $0.1370. The price movement has been relatively contained within a range of $0.0067, reflecting a volatility of 4.7%.
The positive price action coincides with renewed discussions in the market regarding Hedera’s expanding governmental partnerships. Notably, the Ministry of Justice in Georgia has entered into a memorandum to migrate its national real estate registry onto the Hedera network. This development follows Dubai’s recent announcement about tokenizing its land registry by 2025, bolstering Hedera’s positioning in the real-world asset tokenization landscape.
From a technical perspective, the structure of the market suggests that institutional players are accumulating the asset, particularly as the trading remains tight between $0.1371 and $0.1372. This pattern often indicates measured distribution rather than speculative momentum, suggesting that a continuation or a temporary consolidation phase may be on the horizon as institutional flows stabilize.
Key technical indicators for HBAR include:
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Support and Resistance: Immediate support is identified at $0.1371, with psychological backing around $0.1360. Resistance has been confirmed at $0.1374 following a recent test.
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Volume Analysis: Peak institutional flow reached 196.16 million tokens, validating the breakout; however, current trading volumes are below average, indicating a consolidation phase.
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Chart Patterns: The ascending trend remains intact with a pattern of higher lows, and the narrow range trading hints at institutional accumulation.
In terms of targets and risk/reward scenarios, a breakout above $0.1374 could see prices targeting the previous session high of $0.1430, while downside risk is fairly contained by the support zone at $0.1360.
Overall, the market dynamics surrounding HBAR suggest a cautiously optimistic outlook, particularly as institutional interest appears to be on the rise amid promising partnerships.
