The cryptocurrency market has remained stagnant recently, with minimal price fluctuations in most top altcoins. Hedera (HBAR) initially experienced a significant surge of 50% this week amid rumors of BlackRock’s involvement with the token. However, it was later revealed that the news was false, causing HBAR’s price to return to its current level of around $0.11. Cardano’s price, on the other hand, is currently trading at approximately $0.46 with very little movement.
Analyses indicate that ADA is following a downward channel pattern with mixed trends. Investors who are experiencing volatility within the price channel trend lines may signal a potential rapid price movement in the breakout direction. altFINS, a crypto analytics platform, 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, with the MACD line above the MACD signal line but the RSI 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.
As for HBAR, its price initially rose to $0.18 due to the rumors of BlackRock’s involvement, but despite still being up 50% this week, it has fallen back to $0.11. altFINS suggests that the bullish trend in HBAR’s formation could potentially indicate a restart of the uptrend. Experts advise investors to anticipate the price potentially finding 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 prominent crypto analysts, such as CrediBULL, believe that BlackRock is indeed involved in the tokenization of HBAR.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
