HBAR Crypto Faces Decline Despite Hedera’s Expansion in Blockchain Australia
Hedera Hashgraph’s native token, HBAR, is experiencing a decline in value despite the company’s recent membership in Blockchain Australia, an organization dedicated to advancing blockchain technology in Australia.
Since April 1, the price of HBAR has dropped by nearly 15%, reaching a low of $0.1 on April 3. Although the token made a slight recovery on April 4, it was unable to sustain a rally due to bearish market conditions.
Hedera Hashgraph is a decentralized and open-source distributed ledger technology that is often seen as an alternative to traditional blockchains. Its inclusion in Blockchain Australia highlights the company’s efforts in the industry.
Blockchain Australia serves as a platform for advocacy, networking, and collaboration among professionals, businesses, and government entities to promote the adoption and development of blockchain technology in various sectors of the Australian economy. Hedera’s membership in this organization is expected to increase its exposure and attract more developers to its ecosystem. Other notable members of Blockchain Australia include Binance, Coinbase, and Mastercard.
The decline in HBAR’s price can be attributed to bearish market pressure. However, the presence of thin candle bodies and long wicks on both ends of the price chart indicates that bulls are fighting back.
Another factor contributing to the downtrend is profit booking, as HBAR had reached its highest level since May 2022 in late March of this year.
If the decline in HBAR’s price continues, it is likely to reach the 100-day EMA (blue wave) support level at around $0.098. Breaking this support level could lead to a further decline, with the token testing the 0.236 FIB support level at around $0.089 before potentially recovering.
On the other hand, Hedera’s entry into Blockchain Australia could potentially trigger an uptrend for HBAR. In this scenario, the token could aim to reach its 20-day EMA (red wave) resistance level at around $0.11. Breaking and consolidating above this resistance level would allow the token to target the resistance near $0.121, thereby recovering its losses since March 26.
The relative strength index (RSI) for HBAR remains neutral, with a score of 40.83 on the daily charts.
In conclusion, despite its recent expansion in Blockchain Australia, HBAR crypto is currently facing a decline in value. However, there are potential factors that could contribute to a future uptrend, such as support from the blockchain community and the strength of the token’s technical indicators.
