The Hederra (HBAR) cryptocurrency has seen positive price action lately, with the coin surging over 15% in the last 24 hours despite overall bearish market conditions.
HBAR bulls seem unfazed by broader market sentiment, as they continue pushing the uptrend while ignoring bearish signals. The HBAR network itself continues to show strong growth, now facilitating over 113 million+ transactions at an average of 1,300+ TPS. There are currently 35,000+ created accounts on the network, with 5,300 being fully active.
Beyond network statistics, HBAR has seen a steady stream of expansions and partnerships announced over the past year. In 2020/2021, HBAR may have lacked substantive developments, but today the situation appears quite different. In a relatively short time, Hedera seems to have established itself as a major player in the crypto space.
Many believe Hedera has solidified its position as a likely future top 10 cryptocurrency project. While short-term price fluctuations garner attention, the long-term trajectory of adoption and development for HBAR shows promising potential. Patience will be required to watch this narrative unfold in the coming months and years.
Technically, HBAR has traded inside a channel between $0.045 and $0.063 since June. A break above the upper boundary of this channel around $0.063 could turn the market sentiment parabolic. Last week’s 16% surge allowed HBAR to break resistance at $0.062, provided by a bearish .382 Fib Retracement.
Looking ahead, the first level of resistance above the channel lies at $0.07, near the bearish .5 Fib Retracement. Further overhead resistance is found at $0.0726 (1.414 Fib Extension), $0.0763 (bearish .618 Fib), and $0.08.
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