Bitcoin sank to round $40,500 earlier at the moment amid rumors of a attainable rejection for a spot Bitcoin ETF, dragging the broader crypto market down with it.
Regardless of hitting a brand new multi-year excessive yesterday, Hedera Hashgraph’s HBAR token was not resistant to the selloff.
It dropped practically 9% to $0.0885 as of writing. Nonetheless, HBAR stays effectively above its weekly lows and has maintained its place inside its present buying and selling vary.
The current rally for HBAR was fueled by rising adoption and growth exercise on the Hedera community.
A vital partnership was introduced in December with Archax, an institutional-grade digital asset alternate.
This expanded help for staking HBAR, enhancing its enchantment to institutional buyers and validating Hedera’s protocol.
Moreover, the total value locked (TVL) in Hedera’s DeFi ecosystem has reached new highs, indicating a rising consumer base and robust fundamentals driving the token’s valuation.
New initiatives are additionally taking part in a key function in increasing Hedera’s presence and utility.
These embrace a $1 million metaverse fund via AfroFuture DAO, an NFT marketing campaign titled “Ashfall,” and notably, help from the US Federal Reserve’s FedNow instantaneous funds system after it added Hedera-based Dropp for micropayments.
This elementary development, coupled with robust value efficiency and curiosity from buyers in new presales like Pushd constructed on Hedera, offers HBAR a strong basis.
While Bitcoin’s spot ETF-induced correction has slowed momentum, HBAR stays well-positioned for renewed upside as soon as the market stabilizes.
Hedera HBAR Worth Prediction and Technical Evaluation
Regardless of setting a multi-year excessive of $0.1014 yesterday, the broader cryptocurrency market sell-off has taken HBAR again to its present resistance vary.
With HBAR hovering precariously close to essential help ranges, buyers are left asking whether or not this selloff marks a backside or if the coin nonetheless has additional room to fall.
The HBAR value presently faces resistance at its current multi-year excessive of $0.1014, which is in confluence with the prolonged Fib -0.236 degree of $0.1007.
Overcoming this resistance may propel HBAR to new highs.
Concurrently, with the 8.76% decline up to now at the moment, the HBAR value dropped under its horizontal help zone of $0.0924 to $0.0949.
This zone is now more likely to act as resistance on any bounces.
The subsequent potential help lies on the 20-day EMA of $0.0866 adopted by the extra established help zone of $0.0840 to $0.0860, which aligns with the Fib 0.236 degree of $0.0851.
If this help degree doesn’t maintain, the HBAR value may face a steeper descent in direction of $0.07. That might signify an almost 20% drop from the current highs.
On the indicator entrance, with the RSI presently at 55.82, down from yesterday’s peak of 70.67, the HBAR value seems to have confronted rejection at RSI 70 overbought territory.
Moreover, the more and more unfavourable MACD histogram suggests constructing downward momentum.
Understanding the current value motion and technical indicators, merchants might need to anticipate a decisive break previous resistance or help earlier than getting into new positions.
With HBAR stabilizing above essential help, the indications stay at a crossroads.
A breach of $0.08 help or breakout previous $0.10 resistance may set the pattern’s subsequent leg.
Rigorously managing danger is essential amidst the present cryptocurrency market volatility.
Whereas HBAR navigates near-term technical ranges, Meme Kombat generates buzz by fusing memes with crypto gaming.
Meme Kombat Presale Rakes in Over $5.9 Million Forward of Season 1 Launch
The presale for Meme Kombat has raised over $5.9 million up to now, sparking hypothesis that it may observe within the footsteps of successful meme coins like $PEPE and $BONK.
Set to formally launch in early 2024, Meme Kombat intends to fuse blockchain expertise with memes and AI to create a unique crypto-powered gaming experience.
We’re making our method to $6 million raised🚀
Simply handed $5.8 million and going robust! pic.twitter.com/8XndpsSCuo
— Meme Kombat (@Meme_Kombat) January 3, 2024
Customers will have the ability to wager Meme Kombat tokens on battles between totally different meme characters inside an on-chain area.
Superior AI will generate dynamic and randomized battle visualizations to make sure honest and thrilling outcomes.
Working on the Ethereum blockchain permits all battle occasions, wagers, and rewards to happen transparently and immediately.
The mission’s first season will characteristic 11 totally different meme characters that customers can again in numerous matchups.
A staking system additionally allows token holders to earn passive yield via an annual percentage yield (APY).
All presale patrons are robotically enrolled in staking, incomes rewards all through the presale interval.
The staking APY presently sits at 159% with over 24.7 million tokens already staked.
Solely staked tokens are eligible for battle wagering, encouraging long-term dedication to the ecosystem.
Winners are rewarded within the platform’s native $MK token and still have possibilities at numerous prizes.
The mission is led by Matt Whiteman, a completely doxxed particular person with many years of expertise in course of design and product growth.
Meme Kombat additionally had its good contracts audited by Coinsult to make sure safety.
With 50% of the full 120 million token provide reserved for presale contributors, Meme Kombat seeks to leverage its meme-powered gaming idea and transparency to cement itself as a main meme coin in 2024.
The present stage of the presale is about to finish in lower than a day, after which the token value will rise from $0.268 to $0.279.
Disclaimer: Crypto is a high-risk asset class. This text is offered for informational functions and doesn’t represent funding recommendation. You possibly can lose all your capital.