The general weakness seen in the crypto market over the last few days has seen many coins drop, and Hedera (HBAR) is not any different. But despite this, the coin still remains above a crucial support zone. How long can it actually stay there? Here are some highlights first:
The $0.19 support remains critical for HBAR in the coming days.
The coin is currently above that, trading at around $0.201.
If HBAR fails to hold this support, it could fall to $0.15.
Data Source: Tradingview
Hedera (HBAR) – What to watch?
The volatility in the crypto market has made it very hard to predict price action based on technicals alone. But one thing we know about HBAR is that the $0.19 support has held quite strongly despite recent weakness. The key for bulls right now is to consolidate around this price.
So far, HBAR is doing well and is trading at around $0.2. Once the price consolidates, the next leg up could take HBAR towards $0.34. But if bears keep pushing and HBAR sinks below $0,19, then we are likely to see more weakness.
In fact, the coin is likely going to the bottom at $0.15. There is even a risk that persistent weakness could push the price towards its February lows of $0.09.
Who should buy Hedera (HBAR)?
Hedera (HBAR) is an enterprise-grade network that is hoping to power the decentralized economy. The project has attracted a lot of investment, and with a market cap of around $4 billion, it is one of the biggest crypto assets in the market right now.
So, if you are looking for cryptos that have serious utility and positive long-term outlooks, Hedera (HBAR) will be perfect. The project has diversified its service and continues to attract developers in large numbers. It has the potential of becoming as big as Ethereum.