Hedera Hashgraph (HBAR) price returned to the upside on Tuesday, trading at $0.165 after gaining 1.475 at the time of writing. The move snapped a four-day losing streak that had seen its weekly losses pile up to 14.3% and year-to-date losses rise to 38.35. HBAR price has been trading below $0.200 resistance level for the last three weeks, and has tested the $0.150 support multiple times.
On Monday, Hedera launched HashSphere, an EVM-compatible private, permissioned blockchain targeting enterprises. HashSphere is designed to enhance the efficiency and scalability of decentralised applications (dApps) by leveraging AI-powered smart contracts and enhanced consensus mechanism.
The integration of AI improves HBAR’s value proposition and will attract enterprise-level adoption. If HashSphere proves a hit with institutions, it could trigger increased demand for HBAR tokens, which augurs well for the price upside.
HBAR Price Prediction
Notably, the last week has seen HBAR price register lower highs and lower lows, indicative, which makes the $0.150 support susceptible to breach. If that happens, it could his has made it could send the coin further down towards the $0.12-$0.13 range. However, its RSI on the daily chart is at 35, nearing the oversold threshold of 30. That signals that the selling pressure is dissipating, and a near-term relief bounce could be in the works.
Hedera Hashgraph price pivots at $0.164 and the momentum indicator signals that the upside will likely prevail above that level. The coin will likely meet the first resistance at $0.173. A stronger momentum will break above that level and could potentially drive the action higher to encounter the second hurdle at $0.173.
Conversely, breaking below $0.164 will shift the momentum to the downside. That will likely see the first support at $0.160. Breaking below that level will invalidate the upside narrative, and that momentum could potentially take HBAR price lower to test $0.156.
The post HBAR Price Bounces Off Key Support As HashSphere Strengthens Fundamentals appeared first in UK on InvestingCube.