The cryptocurrency market has been stagnant lately with minimal price movements in most top altcoins. Hedera (HBAR) initially saw a significant 50% increase this week amid rumors about BlackRock’s involvement with the token. Will the rise continue?
HBAR Experiences a Surge
However, it later emerged that the news was false, causing HBAR’s price to revert to its current level of around $0.11 as of the writing of this article. According to the crypto analytics platform altFINS, Cardano‘s price is currently trading at around $0.46 and showing very little movement.
Analyses indicate that ADA is following a downward channel pattern with mixed trends. Investors experiencing volatility within price channel trend lines could signal a potential rapid price movement in the direction of the breakout. altFINS also stated that ADA‘s trend is bearish in the short and medium term, but bullish in the long term. Momentum indicators continue to show uncertainty. The MACD line is above the MACD signal line, but the RSI is below 45. Decreasing MACD Histogram bars indicate decreasing momentum. Key support levels for ADA are identified at $0.46 and $0.35, while resistance areas are set at $0.57, $0.65 to $0.68, and $0.80.
Critical Levels for HBAR
HBAR’s price rose to $0.18 due to BlackRock, but despite still being up 50% this week, it has fallen back to $0.11. According to altFINS, the bullish trend in HBAR’s formation could indicate a restart of the uptrend. Experts advise investors to expect the price to potentially find support at the $0.10 level, which could serve as an entry point for transactions. altFINS notes that HBAR’s trend is bearish in the medium term but bullish in the short and long term.
Key support areas for HBAR are set at $0.12 and $0.10, while resistance areas are defined at $0.14 and $0.18. Some popular crypto analysts like CrediBULL believe that BlackRock is actually involved in the tokenization of HBAR.
