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HBAR Price Analysis: What’s Next for HBAR Amid Market Conditions? Coinbase Gives Update on Hedera Listing

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Tomiwabold Olajide

  • Hedera (HBAR) continues to trade in a lackluster manner like the rest of the market
  • Coinbase says it might re-enable deposits and begin trading for Hedera (HBAR) in mid-October
  • Arkhia has partnered with Google Cloud to accelerate the growth of distributed ledger applications

Hedera (HBAR) continues to trade in a lackluster manner like the rest of the market. At the time of publication, HBAR was changing hands at $0.058, down 2.54% in the last 24 hours. Coinbase says it might re-enable deposits and begin trading for Hedera (HBAR) in mid-October. On September 13, Coinbase opened deposits for HBAR through the account alias functionality. To support the various address formats used by the broader HBAR ecosystem, the top US exchange says it is now working to support account ID and memo tags. Upon completion, deposits will be re-enabled and trading will be enabled for HBAR. Arkhia has partnered with Google Cloud to accelerate the growth of distributed ledger applications. First offering access points for Hedera Hashgraph, Arkhia will enable DLT developers to build both back-end and client-side applications to accommodate, innovate, and invigorate the burgeoning Hedera ecosystem. Google Cloud, a member of the Hedera Governing Council, is a preferred cloud provider for Hedera’s public testnets and Hedera Consensus Service ecosystem and also operates a Hedera network node.

Key Levels
Resistance Levels: $0.0725, $0.0650, $0.0600
Support Levels: $0.0561, $0.0456, $0.0300

HBAR/USD Daily Chart: Bearish

HBAR/USD Daily Chart

The HBAR/USD pair seeks to recover during the session as selling loses steam. The HBAR was trading at $0.058 at the time of writing, up nearly 1% on the day. Despite this year’s drop to $0.0456 lows, major support levels remain at $0.050, and $0.0480, and the horizontal support barrier at $0.0300.

On the upside, the HBAR/USD pair may face selling pressure near the moving average (MA 50) at $0.0680, followed by $0.0725. A break from here could lead to the daily moving average (MA 200) and the $0.1250 level. In the meantime, the relative strength index (RSI) below the 50 neutral levels is supportive of consolidation or sideways trading.

HBAR/USD 4-Hour Chart: Bearish

HBAR/USD 4-Hour Chart

A bearish moving average (MA 50 and MA 200) and a break below $0.0600 on the 4-hour chart could indicate weakness in the recent recovery attempt. Despite a rebound from the oversold level, the 4-hour relative strength index (RSI) has yet to reach neutral. As support, $0.0561 at the bottom of the fall is important.

With the reversal attempt at stake, a lack of bids could send the HBAR/USD to $0.0500. In line with current market conditions, HBAR’s price forecast is not entirely bearish. However, the price may consolidate before the next major move.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

The post HBAR Price Analysis: What’s Next for HBAR Amid Market Conditions? Coinbase Gives Update on Hedera Listing appeared first on Latest Crypto News.


HBAR Price Analysis: What’s Next for HBAR Amid Market Conditions? Coinbase Gives Update on Hedera Listing was first posted on September 21, 2022 at 9:36 am.
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