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Cryptocurrency News Articles
HBAR Struggles Against Bitcoin as Pre-Halving Rally Fizzles: Will Hedera (HBAR) Recover?
Oct 22, 2024 at 05:10 pm
Hedera's native token, HBAR, has seen increased attention from crypto enthusiasts, but recent developments suggest caution may be warranted.
Hedera's native cryptocurrency, HBAR, has garnered significant attention from crypto enthusiasts. However, recent developments and technical indicators suggest exercising caution regarding the token's short-term price movements.
A recent market analysis indicates that HBAR is currently facing a short-term bubble risk, which could lead to bearish pressure on the token's price. The token has been on a downtrend, and a breach through the ascending trendline on the daily chart is observed. Analysts note that a price break below $0.036 could indicate a shift in the major trend, potentially nullifying the previous bullish outlook.
Despite Hedera's increasing adoption and partnerships, the token's price has remained largely stagnant. For the bulls to regain control, HBAR needs to reclaim the $0.064 level. An analysis of multiple timeframes reveals a double bottom pattern, suggesting that the current bearish trend may not be prolonged. Any short-term gains will depend on market conditions and investor sentiment.
HBAR Struggles Against Bitcoin
A comparison with Bitcoin further highlights HBAR's troubles. Its BTC value has reached its lowest since 2020, sparking discussions on when it will begin to recover. This observation, coupled with HBAR's weak performance in its BTC pair, has led analysts to conclude that the token could face further challenges before any major bullish shift can occur.
Another key factor to consider is HBAR's current price, which is roughly 90% lower than its peak. This over-90% drawdown supports the current bearish view; however, historical data shows that tokens that have dropped 90% from their all-time highs tend to recover later on.
Despite its increasing utility and adoption, the price of HBAR has been declining, showcasing the disconnect between usage and market price in the cryptocurrency realm.
Hedera Institutional Support and Real-World Adoption
Despite its short-term challenges, Hedera continues to attract institutional interest. Morocco recently unveiled its 2030 digital strategy, which will utilize Hedera's network, marking a significant application of the technology.
Moreover, the launch of the Canary Trust has provided institutional investors with access to the US HBAR Trust, which could further enhance the token's standing among investors.
Steven McClurg, co-founder of Canary Capital, highlighted the need for new investment vehicles that extend beyond standard retail offerings. This statement bodes well for HBAR, suggesting the potential for institutional money to enter the token's narrative in the near term and beyond.
The HBAR Foundation noted that the new trust provides a channel for US institutional investors to gain exposure to the digital currency. The Hedera network has been used extensively for asset tokenization, NFT creation, and Web3 projects, making it more appealing to investors.
As reported earlier by Crypto News Flash, Microsoft and the Hashgraph Association are set to announce their partnership in the coming days. The two have previously collaborated on several projects, including their roles as founding members of the InterWork Alliance, a platform for tokenization standards.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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