HBAR Falls After Short Lived Rally – What's Behind the Momentum?

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Hedera (HBAR) has been towing a downward trend over the past few days, evident in its 11.74% seven-day price decline.

As of 5:30 AM EST on August 28, HBAR is trading at $0.05583, reflecting a decrease of 3.50% over the past 24 hours. In the early trading hours of today, Hedera rallied to $0.5838 before retracting suddenly.

Furthermore, its trading volume has declined over 24% in the last 24 hours, reflecting a decrease in trading activity due to the bearish sentiment.

However, despite the ongoing bearish trend, Hedera still holds an 8.46% 30-day increase. Despite the prevailing downturn, Hedera shows signs of a potential price surge and could rally to $0.06 in the coming days, leveraging some positive developments in its ecosystem.

Hedera (HBAR) Potential Short-Term Bullish Signal

As depicted on the chart, HBAR is trading below the 200-day Simple Moving Average SMA, which suggests a long-term bearish price movement for the asset.

Additionally, the Moving Average Convergence/Divergence is below the signal line with red histogram bars, which further supports the short bearish price movement of the token.

The Relative Strength Index of 46.18 shows the price of HBAR is relatively neutral and hasn’t reached the oversold zone yet.

The combination of the following indicators points towards a short-term bearish price movement for the asset and an overall long-term bullish price projection for HBAR.

Conversely, HBAR is trading slightly above the 50-day SMA, which indicates a short-term bullish price momentum for the asset.

Hedera’s Support and Resistance

The chart above illustrates that the HBAR could hit the support level at $0.051 if the bears maintain the selling pressure.

Moreover, a breach below the $0.051 support could trigger more selloffs, a move that could push HBAR to the $0.046 price level. However, favorable ecosystem developments could empower the bulls to make the asset to the $0.062 resistance level.

Hedera Could Soar Following Exciting Ecosystem Developments

On August 23, TYMLEZ, a company that provides blockchain-powered enterprise-grade software solutions, unveiled a new carbon management tool built on Hedera.

The CarbonCentral tool aims to help businesses devise ways to reduce or offset carbon footprints. It employs dMRV tokenization to enable companies to implement carbon credit units tailored to their needs.

Built on Hedera Hashgraph, CarbonCentral could boost network activity on Hedera, potentially boosting the HBAR token demand and price.

Strategic Partnerships, News Could Trigger HBAR’s Surge

Hedera Hahgraph has recorded several collaborations capable of triggering a spike in its price. Its partnership with SaucerSwap Labs saw the HBAR listed on the decentralized exchange (DEX) SaucerSwap.

The team introduced the HashPack Wallet, providing HBAR holders a seamless gateway to dApps, DeFi, and NFTs. This enables users to engage in the Web3 space and explore the intriguing possibilities within the virtual world.

Last month, RAK Digital Asset Oasis (RAK DAO), a UAE-based free zone, partnered with HBAR Foundation to drive a sustainable Web3. The collaboration will support the use of blockchain in developing economies and applications in the Hedera ecosystem.

Such news and partnership will increase the demand for HBAR, enhancing its potential to surge across the $0.06 price zone.

HBAR Best Alternative – SONIK

Sonik Coin (SONIK) is a new and speedy cryptocurrency that aims to revolutionize crypto engagement and investment with more focus on beginners. Crypto experts believe that the token is a great starting point for newbies that could yield returns within a short period, even with small investment amounts.

Sonik emerged as a fast-paced meme coin with a target to quickly hit a $100 million market cap.

Also, with no affiliation with the Sega brand, Sonik’s growth reflects a drive from the character “Sonic The Hedgehog.” The token has gained the massive attention of many Sonik fans within the crypto space.

SOINK’s Presale Scales Higher

Sonik Coin is currently running its presale with a single-tiered price of $0.000014 per SONIK token. This move is to lay out community solidarity to promote the project’s sustainability while retaining a long-term price action for all investors.

In support of its claim, Sonik Coin recorded a massive accumulation of over $100,000 within a few days from the launch of its presale. It replicates the trend in prominent tokens like PEPE, BTC20, and SPONGE.

With a hard cap of $2.098 million, the presale has raised more than $622,000, representing over 31% achievement in the presale. Also, investors are still rushing for the coin with just eight days left before its end.

The project team mapped out a total supply of 299,792,458,000 tokens. The unique number is the speed of light and represents how fast SONIK moves.

According to Sonik’s tokenomics, 50% of the total token supply is allocated for the presale, 40% for the staking program, and 10% for DEX liquidity.

Sonik’s Unique Stake-to-Earn

Unlike other meme coins, Sonik offers a unique staking program for its users. The staking system revolutionizes the usual functionalities by introducing real-world utility for the coin.

Sonik’s staking system allows users to contribute to the security and stability of the ecosystem. The users will earn passive income while taking part or all of their holdings.

Though the exact staking rates are unknown, the project offers up to triple-digit APYs to investors.

Additionally, both the supply and staking rewards for SONIK will be unlocked for four fours. This provides an extended period for users who staked their coins to earn more from the project.

Also, the staking program will reduce selling pressure on the SONIK. This is because more tokens will be locked within the staking pool to generate passive income for users.

Crypto Gains, a prominent crypto YouTuber, gave an interesting growth quote of SONIK to his over 107,000 subscribers. He likened the coin to the next PEPE that could surge by 20 times after its launch.

Other popular YouTubers and crypto analysts such as Crypto ZEUS, Jacob Crypto Bury, and Crypto Tony predict a massive price rally for SONIK.

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