The hedera market saw a brief comeback before entering a decline. A market correction is now occurring with the price of Hedera. This pattern is consistent with the general pessimistic sentiment of the bitcoin industry following recent market swings. In other news, Hedera is about to join Ripple and the Aptos Foundation as founding members of the MiCA Crypto Alliance. This is a calculated move that comes before the price drop of Hedera.
Hedera Price Is Seeking $1 Coin Alliance Formation
Hedera is one of the founding members of the new MiCA Crypto Alliance, together with Aptos Foundation and Ripple. This project seeks to comply with the Markets in Crypto-Assets (MiCA) laws with assistance from the DLT Science Foundation.
High industry standards will be upheld and compliance expenses will be decreased through this partnership. Members of the alliance will have access to resources for creating white papers and sophisticated tools for sustainability assessments. The three main organizations made this strategic announcement on Monday, which is a significant step in the direction of improved regulatory compliance in the cryptocurrency markets within the European Union.
HBAR Battles Below $0.05 in the Face of Bearish Trends
The price of hedera has been steadily below the critical support level of $0.05, indicating a negative trend. The price of HBAR is currently trading at $0.04943, which represents a decline of 3.39% throughout the trading day in the United States.
This price decline is being accompanied by a notable rise in trading volume, which has increased by 55.72% over the past day, indicating increased market activity.
The Moving Average Convergence Divergence (MACD) histogram, which is still below the signal line, indicates a pessimistic view. The MACD line (blue) and the signal line (orange) are diverging further than before, suggesting that the negative momentum may continue for the foreseeable future.
Data from Coinglass indicates that there has been a lot of trading activity lately on the Hedera price movement. With a 67.70% increase, the trade volume reached $23.54 million. On the other hand, Hedera's open interest dropped by 2.43% to $28.95 million. This discrepancy in open interest and trade volume may be a sign of approaching market volatility or shifting investor mood.
The $0.06 threshold is a major obstacle for the price of hedera. It may rise to $0.07 if it breaks above this level. Further developments may push HBAR to one dollar. This coincides with Hedera's entry into the MiCA Crypto Alliance, a development that suggests bright future growth. Hedera is well-positioned for appreciation in the future because to these advancements.
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