HBAR: The Crypto Contender in 2022?

Hedera, driven by the modern hashgraph consensus algorithm, guarantees a mix of efficiency, security, and stability. But does it have what it takes to make its mark within the crypto world? Let’s delve into the main points!

What is Hedera (HBAR)?

Hedera is a public decentralized network that is ideal for constructing secure, equitable applications with real-time consensus. The native token of this ecosystem, HBAR, is crucial for powering smart contracts, storage, and transactions. It’s also instrumental in network security, as users can stake HBAR to reinforce decentralization.

The standout feature? Its hashgraph technology. This ensures low transaction costs, high speed, and impressive scalability. HBAR tokens are versatile, supporting activities like NFT minting and decentralized file storage.

HBAR’s Market Standing

In the world of cryptocurrency, HBAR ranks because the thirty third largest, with a market cap hovering around $4 billion. The query stays: Can it maintain this position and even climb higher?

Technical Insights

Long-term Analysis

On a monthly scale, the bulls appear to have the upper hand. HBAR is currently testing support, possibly forming a double bottom. This pattern was observed back in early 2021, which saw a staggering 1,000% surge. However, if the bulls fail to carry this level, a major sell-off might ensue.

Weekly Overview

Switching to a weekly perspective, HBAR appears to be establishing one other potential double bottom. Previously, similar situations led to major consolidations before significant movements. The challenge for bulls is to keep up this support level; otherwise, the value might dip towards $0.14.

Daily Dynamics

Zooming into day by day movements, the downtrend is clear. Recently, the value faced rejection at $0.22. If it breaks past this barrier, we’d see a revisit to $0.25. However, one other rejection could pull the value right down to the $0.20 support zone.

HBAR vs. BTC

Against BTC, the HBAR price has been in accumulation mode since March. It’s holding regular but needs to interrupt minor resistance at 630 satoshis to present bulls the upper hand. Failing this, prices might dip back to the five hundred satoshi zone.

Concluding Thoughts

• On the monthly chart, bulls are on top of things.
• The weekly chart shows no clear direction yet.
• The day by day chart indicates bears currently dominate.
• Against BTC, HBAR’s accumulation suggests an upcoming breakout.

Always remember, these insights are subjective. It’s crucial to conduct your personal research and evaluation before making any investment decisions. This article is for informational purposes only and never financial advice.

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