Hedera Hashgraph’s (HBAR) price recently underwent a notable shift. Over the past 24 hours, HBAR’s value decreased by 5.9%, settling at approximately $0.0708. This decline followed a drop in Bitcoin below the critical $60,000 support level, sparking concerns among cryptocurrency enthusiasts. The broader market sentiment soured, exerting downward pressure particularly on alternative coins like HBAR.
### New Developments in HBAR
A significant technical factor impacting HBAR is the emergence of a ‘Death Cross’ pattern, where the 50-day Simple Moving Average (SMA) has dipped below the 200-day SMA. This crossover traditionally signals a bearish trend, suggesting potential ongoing downward pressure on the asset’s price.
### Key Price Levels in Hedera
HBAR’s current price positioning holds crucial implications. A dip below $0.068 could precipitate a further 36% decline to around $0.045, completing a ‘head and shoulders’ pattern dating back to November 2023. Conversely, a bullish upswing could propel HBAR’s price upwards by 65% to approximately $0.121, aligning with the formation’s right shoulder. This scenario might establish a consolidation range spanning from $0.135 to $0.068.
The Relative Strength Index (RSI) for HBAR recently entered oversold territory, indicating intense selling momentum preceding a potential reversal. This RSI observation corroborates the head and shoulders pattern, hinting at possible further declines followed by a recovery phase.
On its ascent, HBAR could encounter resistance at price points such as $0.091, $0.088, and $0.097, while finding support levels at $0.063, $0.051, and $0.045.
Despite recent price volatility, HBAR maintains robust fundamentals. The underlying Hashgraph technology supporting Hedera continues to demonstrate resilience and is increasingly adopted. Notably, Sweden’s Riksbank has piloted both Algorand and Hedera Hashgraph for a retail-oriented Central Bank Digital Currency (CBDC).
### Summary
In summary, HBAR experienced a 5.9% decline, settling near $0.0708. The ‘Death Cross’ formation suggests potential ongoing downward pressure. Despite these challenges, HBAR’s foundational strengths remain intact.
For the latest updates, follow us on [Telegram](#), [Facebook](#), [Twitter](#), and [Coinmarketcap](#).
**Disclaimer:** The information provided herein does not constitute investment advice. Investors should be aware of the high volatility associated with cryptocurrencies and conduct their own research.
