Hedera Hashgraph's HBAR Token Stumbles Amid Positive Expansion into Blockchain Australia

Despite Hedera Hashgraph joining Blockchain Australia, HBAR's token value has dropped almost 15% since April 1, reaching a low of $0.1 on April 3. The bears have prevented any attempts at a rally, despite a brief recovery on April 4. Hedera's inclusion in Blockchain Australia could benefit its ecosystem, but market pressure is currently pushing HBAR's price downward.

Hedera Hashgraph's HBAR Token Experiences Downturn Despite Company's Expansion into Blockchain Australia

NOIDA, India (CoinChapter.com) - Hedera Hashgraph, a distributed ledger technology provider, recently announced its membership in Blockchain Australia, an industry group dedicated to fostering the growth of blockchain in the region. While this news signaled a positive development for the company, the price of its native token, HBAR, has faced a significant decline.

HBAR Price Slumps

Over the past week, HBAR has witnessed a substantial drop of approximately 15% since April 1. The token reached a daily low of $0.1 on April 3 before experiencing a marginal recovery on April 4. However, this upward momentum was short-lived, as bearish forces halted further rallies.

Hedera Joins Blockchain Australia

Hedera Hashgraph is recognized as a decentralized, open-source, proof-of-stake distributed ledger technology that has garnered attention as a potential alternative to traditional blockchain solutions. Its inclusion in Blockchain Australia serves as a testament to its significant contributions to the industry.

Blockchain Australia, an industry body representing the blockchain ecosystem in Australia, serves as a platform for advocacy, networking, and collaboration among professionals, businesses, and government entities. Its mission is to promote the adoption and development of blockchain technology throughout various sectors of the Australian economy.

Hedera's membership in Blockchain Australia is expected to enhance the company's visibility and attract more developers to its ecosystem. The blockchain industry body also boasts prominent members such as Binance, Coinbase, and Mastercard.

HBAR Price Faces Bearish Resistance

Despite the positive news of Hedera joining Blockchain Australia, HBAR price has encountered renewed bearish pressure. After a brief recovery on April 4, the token experienced another sharp decline. However, the presence of a thin candle body with long wicks on both ends suggests that bullish forces are attempting to counteract the downward trend.

The recent downtrend in HBAR may also be attributed to profit-taking following the token's surge to its highest level since May 2022 in late March.

Technical Outlook

If HBAR price continues to lose value, it is likely to encounter support at the 100-day Exponential Moving Average (EMA) near $0.098. A breach of this immediate support could further trigger a drop towards the 0.236 Fibonacci support level near $0.089 before a potential recovery.

Conversely, Hedera's entry into Blockchain Australia could provide impetus for an uptrend. In this scenario, HBAR price could potentially rise to its 20-day EMA resistance near $0.11. Breaking and consolidating above this resistance would pave the way for the token to challenge the resistance at $0.121, thus recuperating its losses since March 26.

The Relative Strength Index (RSI) for HBAR remained neutral, hovering around 40.83 on the daily charts. This indicates that neither the bulls nor the bears are in control of the market at present.

In conclusion, while Hedera Hashgraph's expansion into Blockchain Australia signals positive developments for the company, the price of its HBAR token has been subject to bearish pressure. The technical outlook suggests that the token faces both support and resistance levels, and its future direction remains uncertain.