Hedera’s cryptocurrency, HBAR, is currently trading at $0.1234, reflecting a decrease of 3.04% in the past 24 hours. The market capitalization stands at approximately $5.29 billion, while the trading volume over the same period has reached $189.19 million. The price movement shows resilience in the short term as it remains above the 20-day moving average of $0.1151. However, it continues to languish below the 50-day average of $0.1273 and the long-term average of $0.1900, indicating persistent bearish pressure for medium- and long-term holders.
Predictions for the upcoming days suggest a mixed outlook. In the short term, the estimates indicate a potential increase of 5.16% to $0.1298 over the next 24 hours, escalating to 6.78% by the 48-hour mark at $0.1318, and a 9.7% rise over the week, projecting a price of $0.1354. However, projections for the longer term are more concerning, with expectations of a drastic decline of 18.25% over the next month, bringing the value down to $0.1009. Even graver predictions forecast a staggering 61.44% drop over a three-month horizon and a 158.17% decrease over the course of a year, potentially reducing the price to $0.0718.
Despite its current price struggles, Hedera has garnered attention due to a significant increase in trading volume, which surged by 38% to $166 million. This rise in volume is attributed to growing institutional support and an uptick in enterprise usage. Notably, recent agreements in the energy sector plan to utilize Hedera’s hashgraph technology for secure transactions and audits, demonstrating an increase in real-world applications.
CME Group and CF Benchmarks have introduced new reference rates for HBAR, an initiative aimed at enhancing institutional transparency. The involvement of tech giants like Google and IBM in Hedera’s Governing Council further solidifies the network’s reputation and potential.
Currently, HBAR faces mixed momentum signals. The nearest support level is identified at the Ichimoku Kijun line at $0.1189, while resistance is close to the 50-day moving average at $0.1273. The momentum indicators reflect a neutral MACD, along with a modest uptrend indicated by the ADX. The daily RSI is positioned in the buying zone, though both Stochastic RSI and CCI suggest overbought conditions, calling for caution among traders.
Looking ahead, HBAR is expected to maintain its price within a volatility range of $0.1170 to $0.1295 for the coming five trading days. The likelihood of further upward movement appears low, below 20%. A bullish scenario would necessitate a breakout above $0.1273, while a bearish scenario could see a decline below $0.1189, potentially testing support near $0.1170.
Overall, while Hedera has shown short-term resilience, the technical indicators point towards a challenging road ahead, characterized by sideways trading and a tendency for prolonged volatility.
