NOIDA (CoinChapter.com)—Hedera Hashgraph’s native token, HBAR, has a bullish cue lined up after the firm joined Blockchain Australia, a group striving to advance blockchain’s cause in the region down under.
HBAR price dropped nearly 15% since April 1 to reach a daily low near $0.1 on April 3. However, the token recovered marginally on April 4 before bears stifled the token’s attempts to start a rally.
Hedera Becomes Blockchain Australia Member
Hedera Hashgraph is a decentralized, open-source, proof-of-stake distributed ledger technology that has often been described as an alternative to blockchains. As such, the project’s inclusion in Blockchain Australia highlights Hedera’s work in the sector.
Blockchain Australia is an industry body representing the blockchain technology ecosystem in Australia.
It serves as a platform for advocacy, networking, and collaboration among professionals, businesses, and government to promote the adoption and development of blockchain technology across various sectors of the Australian economy.
Hedera’s inclusion in Blockchain Australia could help the platform gain exposure and attract more developers to expand the firm’s ecosystem. Other members of the blockchain industry body include Binance, Coinbase, and Mastercard.
HBAR Price Caves Under Bearish Pressure
Meanwhile, after recovering slightly on April 4, HBAR price plunged again as bears continued to hold the market by the scruff of its neck. However, the thin candle body and long wicks on both ends indicate bulls are fighting back.
Another reason for HBAR’s downtrend could be the profit booking following the token reaching its highest level since May 2022 in late March earlier this year.
If the HBAR price continues to pare gains, the Hedera Hashgraph token will drop to the 100-day EMA (blue wave) support near $0.098. Moreover, breaching the immediate support could force the HBAR price to test the 0.236 FIB support near $0.089 before recovering.
On the other hand, Hedera’s entry into Blockchain Australia could help the token start an uptrend. From here, HBAR price could likely reach its 20-day EMA (red wave) resistance near $0.11.
Breaking and consolidating above the immediate resistance would help the token target the resistance near $0.121, recovering its losses since March 26.
The relative strength index, or RSI, for HBAR remained neutral, with a score of 40.83 on the daily charts.
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