The cryptocurrency market has been relatively uneventful recently, with minimal price fluctuations in most of the top altcoins. However, there was a significant surge in the price of Hedera (HBAR) earlier this week, following rumors of BlackRock’s involvement with the token. The question now is whether this upward trend will continue.
Initially, it seemed like the rumors were true and HBAR’s price soared by 50%. However, it was later revealed that the news was false, causing the price to revert back to its current level of around $0.11. Meanwhile, Cardano (ADA) is currently trading at approximately $0.46, showing little movement.
Analyses suggest that ADA is following a downward channel pattern with mixed trends. This means that investors who are observing volatility within the price channel trend lines may anticipate a potential rapid price movement in the direction of the breakout. altFINS, a crypto analytics platform, also states that ADA’s trend is bearish in the short and medium term, but bullish in the long term. However, momentum indicators continue to show uncertainty. The MACD line is above the MACD signal line, but the RSI is below 45. Additionally, decreasing MACD Histogram bars indicate a decrease in momentum. Key support levels for ADA are identified at $0.46 and $0.35, while resistance areas are set at $0.57, $0.65 to $0.68, and $0.80.
As for HBAR, its price initially rose to $0.18 due to the news about BlackRock’s involvement, but it has since fallen back to $0.11. Despite this, it is still up by 50% for the week. altFINS suggests that the bullish trend in HBAR’s formation may indicate a restart of the upward trend. Experts advise investors to expect the price to potentially find support at the $0.10 level, which could serve as an entry point for transactions. They also note that HBAR’s trend is bearish in the medium term, but bullish in the short and long term.
Key support areas for HBAR are set at $0.12 and $0.10, while resistance areas are defined at $0.14 and $0.18. Some well-known crypto analysts, such as CrediBULL, believe that BlackRock is indeed involved in the tokenization of HBAR.
It is important to note that the information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry significant risk. Therefore, they should conduct their own research before making any investment decisions.
