The cryptocurrency market has been relatively quiet recently, with minimal price fluctuations among the top altcoins. However, there was a momentary surge in the price of Hedera (HBAR) earlier this week, fueled by rumors of BlackRock’s involvement with the token. The question now is whether this upward trend will continue.
Initially, the news of BlackRock’s involvement caused HBAR’s price to skyrocket by 50%. However, it was later revealed that this news was false, leading to a reversion in HBAR’s price back to around $0.11. On the other hand, Cardano (ADA) is currently trading at approximately $0.46, showing very little movement.
Analyses indicate that ADA is following a downward channel pattern with mixed trends. This volatility within the price channel trend lines could potentially signal a significant price movement in the breakout direction. While ADA’s short and medium-term trend is bearish, it is expected to be bullish in the long term. Momentum indicators are currently uncertain, with the MACD line above the MACD signal line but the RSI below 45. The decreasing MACD Histogram bars suggest 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.
Turning to HBAR, its price initially surged to $0.18 on the back of the BlackRock rumors. However, despite still being up 50% for the week, it has now fallen back to $0.11. According to altFINS, the bullish trend in HBAR’s formation could indicate a restart of the uptrend. Experts suggest that the price may find support at the $0.10 level, which could present an opportunity for transactions. In the medium term, HBAR’s trend is bearish, but in the short and long term, it is expected to be bullish.
Key support areas for HBAR are located at $0.12 and $0.10, while resistance areas are defined at $0.14 and $0.18. Some prominent crypto analysts, like CrediBULL, speculate that BlackRock is indeed involved in the tokenization of HBAR.
It is important to note that the information presented 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 before making any investment decisions.
