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Information about Hedera Hashgraph (HBAR)
Hedera Hashgraph is a public network that allows individuals and businesses to create decentralized applications (DApps). Hedera Hashgraph is designed to be a fairer, more efficient system, removing some of the limitations that older blockchain-based platforms had, such as slow and unstable performance. As its name suggests, the main technology of Hedera Hashgraph is based on the Hashgraph data structure and consensus algorithm to provide a new platform for distributed consensus.
Hedera Hashgraph was ICO in August 2018. Hedera Hashgraph launched open access for the first time a year later, in September 2019.
The HBAR token is a dual-role token in the Hedera Hashgraph network. HBAR is the power source for Hedera’s smart contracts, file storage, and regular transactions. HBAR is also used to help secure the network by allowing HBAR users to stake deposits to maintain the platform’s integrity.
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HBAR is currently trading at 0.183 USD and struggling to break the 0.200 USD resistance level. Tightening Bollinger Bands suggest an imminent price surge, but declining correlation with Bitcoin could impede its recovery and lead to challenges ahead.
Hedera’s recent performance has shown signs of weakness with a notable 4% drop. The Average Directional Index (ADX) has decreased to 16.6, highlighting a weak trend. Sellers are gaining control as bearish momentum increases, with the -DI overtaking +DI.
Key resistance remains at 0.199 USD, while breaking below 0.184 USD could lead HBAR towards 0.17 USD. The Ichimoku Cloud analysis reflects indecision in the market with bearish tendencies, confirming a need for clearer support levels to establish trend direction.
HBAR is currently testing the 0.182-0.185 USD support zone amidst ongoing bearish trends. There’s a notable short-term buying signal from technical indicators like MACD and moving averages.
Recent increases in trading volume suggest growing interest in HBAR, with a 4.5% rise in Open Interest. If HBAR breaks above resistance, it may indicate a shift toward a bullish trend.
Currently trading below 0.20 USD, HBAR has experienced a drop over 5% in the last week. Technical indicators reflect escalating bearish sentiment with significant sellers gaining ground. The approaching support level at 0.184 USD is crucial; failure to hold could result in further drops to levels near 0.17 USD.
In contrast, should HBAR successfully breach its resistance at 0.195 USD, it might regain bullish momentum, targeting higher resistance at 0.21 USD and 0.258 USD. The Average Directional Index indicates a weak current trend, suggesting a wait-and-see approach by traders.
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