Hedera Hashgraph token has gained 14% in the last week
Hedera network’s differentiation is a source of strength
HBAR, the native token, has hit a resistance
Hedera Hashgraph HBAR/USD has returned 14% in the past week. To an investor, the gains elicit the obvious question of whether the cryptocurrency will sustain gains. This analysis finds it’s not unless a key breakout and crypto sentiment is sustained.
Hedera Hashgraph boasts of being a crypto network that lets anyone deploy applications. Hedera differentiates itself by restricting nodes used in determining the transaction history. That way, it reduces the potential alterations to the transactions. Hashgraph believes the feature guarantees businesses when using data to make decisions. Corporates such as IBM have been attracted to Hedera’s model.
While the use case for Hedera is never in doubt, it faces competition from other blockchains. Investors interested in the native token HBAR need to watch key level (s) before entering.
HBAR meets resistance amid a bullish week
Source – TradingView
HBAR is bullish after the week’s gains. The MACD line is above the moving average, confirming bullish momentum. However, a technical trader will be keen to know that HBAR has just met resistance at $0.07. The token is consolidating and likely to drop below as bullish momentum fades. That’s speculative as any potential surge could see HBAR trade above the resistance.
We insist HBAR must break above the resistance level to claim higher prices. If that successfully occurs, HBAR could reclaim $0.1. The next level is $0.15, depending on the prevailing crypto sentiment. For now, HBAR remains susceptible to $0.05.
Despite the weekly gains, HBAR is trapped by the $0.07 resistance. The token could slide further. A break above the resistance could help HBAR reach $0.1.