- Hedera Hashgraph is down 90% since all-time highs.
- The Relative Strength Index shows several bullish divergences, accompanied by low volume during the downtrend.
- HBAR releases Hedera Guardian could be catalyzing an entirely new sector in the crypto community.
Hedera Hashgraph price could be near a market bottom. Key levels have been identified,
HBAR price could be near the lows
Hedera Hashgraph (HBAR) is a digital asset investors may want to keep a close eye on. Since September, the smart contract token has had 90% of its market value. The bears have enjoyed a steep declining rally with very few pullbacks. Still, recent technical indicators show the bears may be loosening their grip. A sharp countertrend rally or true bull run could result if market conditions persist.
HBAR price currently auctions a $0.05. The volume profile indicator shows a persistent tapering effect, suggesting the downtrend may weaken. Additionally, the bulls have hurdled back above supportive territory on the Relative Strength Index. The stair-step-like ascension has been a pattern witnessed on the RSI before sharp crypto rallys occur. Additionally, y there are divergences between recent and higher lows established in July and August.
HBAR USDT 1-Day Chart
The signals come at an interesting time in the market as Hedera has made considerable strides against it in the carbon emissions sphere. Readers may recall the white house issuing an executive order earlier this month with concerns about cryptocurrency mining and its effect on carbon emissions. Hedera proposes a solution known for energy consumption called Renewable Energy Credit (REC)
According to Hedera
“A REC is a tradable, non-tangible asset representing one megawatt-hour of green energy. REC’s allow companies to decrease CO2 emissions from energy usage and can be treated as carbon offsets in some cases, although the two concepts are separated.”
Furthermore, Hedera has provided a carbon neureal ledger where transactions will be made public on the blockchain called One Planet.
Hedera Hashgraph is positioning itself uniquely different from all other Cryptocurrencies in the space. Perhaps an entirely new sector will surface in the crypto market from their innovative work in climate protection. It is too early to call now, but by combining all these timely factors, investors should be on the lookout for an HBAR bullrun.
In the following video, our analysts deep dive into the price action of HBAR, analyzing key levels of interest in the market. -FXStreet Team