Hedera Hashgraph Technology Sparks Bullish Momentum Despite NFTs Decline

Hedera Hashgraph Technology sparks bullish momentum despite NFT’s declines and trading slowdown. Hedera, an enterprise-grade blockchain, stands out for its Hashgraph technology, offering cost-efficient transactions at $0.0001 each. Despite recent drops in NFT creation and new accounts, NFT transfers within the blockchain remain steady.

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Total Value Locked (TVL) has steadily risen to $32 million. It’s backed by a supply of 50 billion tokens and a market cap of $1.67 billion. However, trading activity has decreased, with HBAR’s volume down 14%. Nevertheless, the volume-to-market cap ratio suggests price consolidation. As of now, HBAR keeps consolidating, potentially gearing up for future growth.

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Hedera Key Levels To Watch – September 26

The market’s bullish trend began after the price reaction toward $0.03570 as the year 2023 began. The price of Hedera surged massively to the upside, barely making a downward correction until reaching the premium zone. After the indication of the Stochastic Oscillator, the bullish trend paused as the bears stormed the market.

The emerging downtrend continued as the price kept invalidating major support levels until a retraction to the upside in June 2023. The resumption of the uptrend in June 2023 was due to the buying pressure from the psychological level of $0.04000. The uptrend will likely continue until breaching the $0.069000 resistance.

HBAR/USD Key Levels

Resistance Levels: $0.05250, $0.06900, $0.07310
Support Levels: $0.04560, $0.04000, $0.03570

Total Market Capitalization: $1.05T
Hedera Market Capitalization: $1.65B
Hedera Volume: $260M
Market Rank: #30

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