Hedera Hashgraph price rare patterns point to an HBAR rebound

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As a seasoned crypto investor with a knack for spotting opportunities amidst market turbulence, I find myself intrigued by Hedera Hashgraph (HBAR). Despite the recent downturn that has affected most cryptocurrencies, including heavyweights like Bitcoin and Ethereum, Hedera’s fundamentals stand out.

In the past few days, the value of Hedera Hashgraph has significantly dropped due to a deteriorating forecast for the cryptocurrency market.

Hedera Hashgraph’s HBAR coin dipped down to $0.2483, a decline that mirrored other well-known digital currencies such as Bitcoin (BTC) and Ethereum (ETH). This drop has been observed across most cryptocurrencies, causing the combined market value of all coins to decrease to approximately $3.24 trillion.

As an analyst, I’ve observed a correlation between Hedera’s recent recession and a decrease in the overall value of assets tied within its decentralized finance (DeFi) network. According to DeFi Llama, this Total Value Locked (TVL) has dwindled to approximately 675 million HBAR, a significant drop from the year-to-date peak of 1.35 billion tokens.

In U.S. dollar terms, the TVL has fallen from $209 million on Dec. 3 to $165 million. This decline suggests that investors are pulling out funds from Hedera’s DeFi platforms like SaucerSwap, Bonzo Finance, and HbarSuite.

It’s important to note that Hedera isn’t the only blockchain network facing a decrease in DeFi assets; networks like Cardano, Ethereum, and Solana have also experienced capital outflow over the past few days. Typically, investors pull out of these platforms when there’s a wider cryptocurrency market downturn.

As a diligent researcher, I’ve been closely examining the situation with Hedera Hashgraph, even amidst the present market slump. What intrigues me is the robust foundation this platform presents for potential long-term growth. For instance, it boasts strategic partnerships with heavyweight global entities such as IBM and Google, both of which are integral members of its governance council. This network of influential partners could undeniably contribute to a surge in Hedera’s price over the long haul.

Hedera is also aiming to become a significant figure in the field of Real World Asset tokenization. To put it simply, tokenization involves transforming non-tradable assets into ones that can be quickly transferred and exchanged. With its rapid transaction speeds and affordable pricing, Hedera presents an appealing choice for developers working within this specialized sector.

A potential factor boosting HBAR could be the approval of a HBAR ETF by the Securities and Exchange Commission in 2025, as suggested by a senior Bloomberg analyst. Since the SEC doesn’t view HBAR as a security, there is speculation that they might approve this ETF.

Hedera Hashgraph price forms a bullish pattern

According to the daily graph, the HBAR price seems to be shaping up into a bullish chart configuration. More specifically, it’s creating a “falling wedge” pattern, which usually emerges as an asset experiences consolidation between two descending trendlines. A bullish breakout is often triggered when these lines come together, suggesting potential price increase.

Furthermore, Hedera is developing a bullish pennant shape, which involves an extended upward trendline followed by a period of consolidation. This pattern frequently precedes a powerful bullish breakout in the future. Currently, HBAR stays above its 50-day moving average and a crucial support and resistance level on the Murray Math Lines at approximately $0.1953.

Therefore, a contrarian case can be made for Hedera’s price. If the bullish patterns hold, HBAR could rebound and retest the year-to-date high of $0.3940, representing a potential gain of about 66% from the current level. However, the bullish outlook would be invalidated if the coin drops below the major S&R level at $0.20.

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2024-12-20 18:30