Hedera Price News: How High Can HBAR Go After Chainlink’s Integration?

This would allow Hedera to support asset transfers from multiple other blockchains. The CCIP solution currently supports over 46 other chains including Base, BNB Chain, Ethereum, and Polygon.

This is part of Hedera’s effort to grow its decentralized finance (DeFi) ecosystem, which currently has a meager total value locked (TVL) of $70 million.

Hedera has been around since 2019 and has managed to process transactions safely during that period by adopting a novel consensus protocol known as the Hedera Hashgraph.

Propagation of the ledger is much faster with this model compared to other networks like Ethereum and this allows Hedera to process up to 10,000 transactions per second (TPSs).

Comparatively, the Bitcoin network can only accommodate 7 TPS while Ethereum’s maximum limit is 30 TPS. Although this is a remarkable improvement, it is still lower than the 64,000 TPS that the Solana process can theoretically process, which is probably why HBAR is the 16th most valuable crypto asset and not the 7th (Solana’s current rank).

HBAR Retests Key Trend Line Resistance

Trading volumes have stood at a high level in the past 24 hours amid the news, with over $500 million worth of HBAR exchanging hands during this period.

As a result of the latest market-wide decline, HBAR has seen its price drop by 38.9% since the beginning of the year.

Although relevant, this decline has been milder than that of competing layer-one blockchains like Solana (SOL) or Ethereum (ETH), both of which have seen the value of their native assets being cut by nearly half during this same period.

Today’s price action has tagged a key trend line resistance after it bounced from its $0.126 support strongly alongside most cryptocurrencies yesterday.

Momentum indicators have improved as a result of this two-day rally as the Relative Strength Index (RSI) has crossed above the signal line while the MACD’s histogram is still in negative territory but shows a deceleration in negative momentum.

A break above this trend line would not be sufficient to categorize this as a trend reversal as market sentiment is still heavily depressed and macro conditions are bearish.

HBAR would have to break above the $0.20 level if this CCIP integration proves to be a strong enough tailwind to reverse its downtrend.

For now, short-sellers may have the upper hand – especially swing traders – as this jump could provide an attractive entry price for a short position if the market rejects a break above this trend line.

The Uptrend Has Entered a Phase of Exhaustion

Moving to the hourly chart, HBAR’s positive momentum could be fading as the American session opened with a bearish tone and managed to overturn the uptrend that persisted yesterday.

However, HBAR bulls still have enough room to take some profits off the table without endangering the rally as the 61.8% Fibonacci stands 12.5% below the current level.

The $0.1675 level is the key resistance to watch for the rest of the day as a move above this level could mark the beginning of a renewed push. Meanwhile, it could also mean a break of the daily upper trend line.

Momentum readings favor a bearish outlook for the next few hours as the MACD’s histogram shows that the rally has entered a phase of exhaustion while the Relative Strength Index (RSI) was stretched to overbought levels and has crossed below the signal line.

Scalpers may see this as an opportunity to short HBAR by setting their stop loss above the $0.1675 resistance and their take-profit target at the 61.8% Fibonacci for a 1.56 risk-reward ratio.