Key highlights
- The cryptocurrency market has turned bearish once more after a brief relief on Wednesday.
- HBAR has declined by 1% but may see an upward movement given the bullish outlook.
SWIFT initiates live blockchain trials with Hedera
HBAR, the native cryptocurrency of the Hedera blockchain, has decreased by 1.2% over the past 24 hours despite positive developments in the ecosystem. As of now, HBAR is valued at $0.235 but may experience a rally soon.
This downturn comes despite the global payments network SWIFT launching live blockchain trials featuring Hedera. Additionally, asset manager Grayscale has filed for a Delaware trust for HBAR, which some see as laying the groundwork for a potential spot HBAR ETF.
Nonetheless, HBAR’s value hasn’t seen an uptick as the wider cryptocurrency market is still in decline. The bearish market conditions can be attributed to the hawkish minutes from the FOMC released on Thursday. Recent inflation data and the hawkish stance from the FOMC have diminished hopes for a September rate cut by the Fed.
As a result, Bitcoin has fallen below $113k, while Ether continues to hover around the $4,200 mark.
HBAR aims for $0.25 despite bearish trends
The HBAR/USD 4-hour chart displays bearish trends due to the ongoing market correction. Technical indicators also reflect a bearish sentiment, indicating that sellers are currently dominant.
The MACD lines are situated in negative territory, while the RSI reading of 42 indicates a bearish outlook for HBAR. Should the selling pressure persist, HBAR may fall below yesterday’s low, challenging the monthly low of $0.22461. Bulls are expected to defend this support level; failure to do so could lead to HBAR dropping significantly to the $0.19 region.
However, the positive developments within the Hedera ecosystem may propel HBAR’s price upward in the near term. HBAR could target the 4-hour TLQ at $0.243 before attempting to surpass the $0.25 level for the second time this week.
