HBAR price breaks out to new highs, but analysts debate if the rally will continue or a pullback is due. Image by Fareed Mindalano, DALL-E 3.
Bitcoin sank to around $40,500 earlier today amid rumors of a possible rejection for a spot Bitcoin ETF, dragging the broader crypto market down with it.
Despite hitting a new multi-year high yesterday, Hedera Hashgraph’s HBAR token was not immune to the selloff.
It dropped nearly 9% to $0.0885 as of writing. However, HBAR remains well above its weekly lows and has maintained its position within its current trading range.
The recent rally for HBAR was fueled by growing adoption and development activity on the Hedera network.
A crucial partnership was announced in December with Archax, an institutional-grade digital asset exchange.
This expanded support for staking HBAR, enhancing its appeal to institutional investors and validating Hedera’s protocol.
Additionally, the total value locked (TVL) in Hedera’s DeFi ecosystem has reached new highs, indicating a growing user base and strong fundamentals driving the token’s valuation.
New initiatives are also playing a key role in expanding Hedera’s presence and utility.
These include a $1 million metaverse fund through AfroFuture DAO, an NFT campaign titled “Ashfall,” and notably, support from the US Federal Reserve’s FedNow instant payments system after it added Hedera-based Dropp for micropayments.
This fundamental growth, coupled with strong price performance and interest from investors in new presales like Pushd built on Hedera, gives HBAR a solid foundation.
While Bitcoin’s spot ETF-induced correction has slowed momentum, HBAR remains well-positioned for renewed upside once the market stabilizes.
Hedera HBAR Price Prediction and Technical Analysis
Source: TradingView / HBARUSDT
Despite setting a multi-year high of $0.1014 yesterday, the broader cryptocurrency market sell-off has taken HBAR back to its current resistance range.
With HBAR hovering precariously near crucial support levels, investors are left asking whether this selloff marks a bottom or if the coin still has further room to fall.
The HBAR price currently faces resistance at its recent multi-year high of $0.1014, which is in confluence with the extended Fib -0.236 level of $0.1007.
Overcoming this resistance could propel HBAR to new highs.
Simultaneously, with the 8.76% decline so far today, the HBAR price dropped below its horizontal support zone of $0.0924 to $0.0949.
This zone is now likely to act as resistance on any bounces.
The next potential support lies at the 20-day EMA of $0.0866 followed by the more established support zone of $0.0840 to $0.0860, which aligns with the Fib 0.236 level of $0.0851.
If this support level doesn’t hold, the HBAR price could face a steeper descent towards $0.07. That would represent a nearly 20% drop from the recent highs.
On the indicator front, with the RSI currently at 55.82, down from yesterday’s peak of 70.67, the HBAR price appears to have faced rejection at RSI 70 overbought territory.
Additionally, the increasingly negative MACD histogram suggests building downward momentum.
Understanding the recent price action and technical indicators, traders may want to wait for a decisive break past resistance or support before entering new positions.
With HBAR stabilizing above crucial support, the indicators remain at a crossroads.
A breach of $0.08 support or breakout past $0.10 resistance could set the trend’s next leg.
Carefully managing risk is key amidst the current cryptocurrency market volatility.
While HBAR navigates near-term technical levels, Meme Kombat generates buzz by fusing memes with crypto gaming.
Meme Kombat Presale Rakes in Over $5.9 Million Ahead of Season 1 Launch
The presale for Meme Kombat has raised over $5.9 million so far, sparking speculation that it could follow in the footsteps of successful meme coins like $PEPE and $BONK.
Set to officially launch in early 2024, Meme Kombat intends to fuse blockchain technology with memes and AI to create a unique crypto-powered gaming experience.
We’re making our way to $6 million raised
Just passed $5.8 million and going strong! pic.twitter.com/8XndpsSCuo
— Meme Kombat (@Meme_Kombat) January 3, 2024
Users will be able to bet Meme Kombat tokens on battles between different meme characters within an on-chain arena.
Advanced AI will generate dynamic and randomized battle visualizations to ensure fair and exciting outcomes.
Operating on the Ethereum blockchain allows all battle events, wagers, and rewards to occur transparently and instantly.
The project’s first season will feature 11 different meme characters that users can back in various matchups.
A staking system also enables token holders to earn passive yield through an annual percentage yield (APY).
All presale buyers are automatically enrolled in staking, earning rewards throughout the presale period.
The staking APY currently sits at 159% with over 24.7 million tokens already staked.
Only staked tokens are eligible for battle wagering, encouraging long-term commitment to the ecosystem.
Winners are rewarded in the platform’s native $MK token and also have chances at various prizes.
The project is led by Matt Whiteman, a fully doxxed individual with decades of experience in process design and product development.
Meme Kombat also had its smart contracts audited by Coinsult to ensure security.
With 50% of the total 120 million token supply reserved for presale participants, Meme Kombat seeks to leverage its meme-powered gaming concept and transparency to cement itself as a leading meme coin in 2024.
The current stage of the presale is set to end in less than a day, after which the token price will rise from $0.268 to $0.279.
Visit Meme Kombat Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is It Too Late to Buy Hedera? HBAR Price Rallies Over 10% and This Other Coin Could Explode Next – Here’s Why appeared first on Cryptonews.
