HBAR cryptocurrency price drops despite Hedera blockchain expansion in Australia

NOIDA (CoinChapter.com) – Hedera Hashgraph’s native token, HBAR, is ready for a bullish rally after joining Blockchain Australia, an initiative aimed at promoting blockchain causes.

Since April 1, HBAR’s price has fallen by nearly 15%, hitting a daily low near $0.1 on April 3. However, on April 4, the coin made a small recovery before the bear market stifled its efforts to initiate a rebound.

Hedera joins Blockchain Australia

Hedera Hashgraph is a distributed ledger technology that operates in a decentralized, open-source, proof-of-stake manner and is often described as an alternative to blockchain, so the project’s inclusion in Blockchain Australia highlights Hedera’s work in this area.

Blockchain Australia announced that Hedera has joined the organization.

Blockchain Australia is the industry body representing the Australian blockchain technology ecosystem. It serves as a platform to promote advocacy, networking and collaboration among professionals, businesses and governments across all sectors of the Australian economy to drive the adoption and development of blockchain technology.

Hedera’s joining Blockchain Australia, a blockchain industry body that also includes Binance, Coinbase and Mastercard, could help the platform gain exposure and attract more developers to expand the company’s ecosystem.

HBAR price falls under bear market pressure

Meanwhile, after recovering slightly on April 4, HBAR prices plunged again and bears continue to control the market. However, the elongated candle bodies and long upper and lower shadows at both ends indicate that bulls are fighting back.

Another reason for HBAR’s downward trend could be profit-taking after the token reached its highest level since May 2022 at the end of March this year.

If the HBAR price continues to decline, the Hedera Hashgraph coin will drop to the 100-day EMA (blue wave) support near $0.098. Additionally, a break below the immediate support could force the HBAR price to test the 0.236 FIB support near $0.089 before recovering.

On the other hand, Hedera’s joining Blockchain Australia may help the coin start to rise. From here, HBAR price may reach the 20-day EMA (red wave) resistance near $0.11.

A breakout and consolidation of the immediate resistance would help the coin target resistance around $0.121, recovering losses since March 26.

HBAR’s relative strength index (RSI) remains neutral on the daily chart with a score of 40.83.

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