The Governing Council of the Hedera Hashgraph recently announced an allocation of 10.7 billion HBAR, the network’s native token that is used to fund the expansion and development of its ecosystem.
At the time of the announcement, the amount allocated for the special fund was worth 20% of the total token supply at about USD 4.5 billion. This brings great enthusiasm into the HABR ecosystem as analysts expect DeFi, NFTs, iGaming, and CBDCs on Hedera.
Another notable and positive announcement for the HBAR token is the launch of USDC stablecoin as the first stablecoin on the Hedera proof of stake blockchain network. The addition of USDC to the Hedera ecosystem implies the ease of deploying DeFi applications on the network.
Read on as we draw insights from the technical charts of the HBARBTC and HBARUSDT on multiple time frames.
Hedera Hashgraph HBARBTC Weekly Chart Analysis
Paired against Bitcoin BTC, the HBAR continues to maintain a bullish outlook with the RSI surging beyond level-75 and continues to trade above level-25 since the first breakout of the bearish divergence trend line on 08 March ’21.
Bitcoin BTC shows strength against the HBAR at press time, however, all of that could change as the HBARBTC price chart hovers above the 21 June ’21 support line and may likely trigger a second hidden bullish divergence for a price recoil to the upside.
Hedera Hashgraph HBAR Weekly Chart Analysis
An overhead view of the HBARUSDT from the weekly time frame shows massive demand for the HBAR crypto-asset as the price chart trades in an expanding channel formed by bearish divergence on 15 March ’21 and bullish divergence on 21 June ’21.
A rather recent bullish divergence is in the works at press time and we may soon see a price surge beyond the 15 March previous all-time high.
Hedera Hashgraph HBAR Daily Chart Analysis
The above annotated daily chart reveals a series of hidden bullish divergence patterns that also confirms the price floors for the weekly time frame with significant support levels on 21 September and 12 October ’21. These support levels were established by hidden bullish divergence, bear-trap candlestick patterns, and hidden bullish inside-bar candlestick patterns.
A breakout beyond the 04 October ’21 resistance is very possible considering that the HBARUSDT trades within a symmetrical triangle.
Conversely, a breakdown below the $0.32 support shows bearish sentiment and new lows to come.
Hedera Hashgraph HBAR 4HR Chart Analysis
At an intraday level, the HBARUSDT is set to skyrocket as the HBAR price breaks above the $0.3572 bearish inside-bar resistance while also signaling a hidden bullish divergence on 18 October 04:00.
A breakdown below the $0.32 support level would trigger a bearish scenario and lower price targets for short-sellers.
Hedera Hashgraph HBAR Intraday Levels
- Spot rate: 0.3665
- Mid–Term Trend [H4]: Bullish
- Volatility: High
- Support: $0.3200, $0.3411, and $0.3572
- Resistance: $0.400
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.