Hedera (HBAR) down 10% in despite recent Blade Wallet and Karate Combat partnerships

Hedera (HBAR) token has experienced a 10.5% decline over the past two weeks despite significant integrations with Blade Wallet and Karate Combat some few days ago.

While the integrations have brought substantial attention to the network, bagging 400,000 new accounts in just one week, the market has not reflected these positive changes in HBAR’s price.

In this article, we look into HBAR’s price action and the crucial price levels to monitor as Hedera Hashgraph see an increase in new accounts.

Blade Wallet integration and Karate Combat token launch on Hedera

The Hedera Hashgraph Network has seen a notable boost in activity, largely due to its strategic partnerships with Blade Wallet and Karate Combat.

Blade Wallet, a self-custody Web3 wallet, was integrated into Hedera through its Whitelabel solution a week ago, to simplify the process of launching wallets and applications with minimal overhead costs.

This integration, spearheaded by the HBAR Foundation, aimed to make Web3 activities more accessible and cost-effective.

Leveraging the Blade Wallet white-label solution, Karate Combat a sports entertainment platform, is leveraging Hedera’s scalable, cost-effective, and environmentally friendly Distributed Ledger Technology (DLT) solution to develop one of the smoothest and most adopted consumer-facing products on the Hedera network.

By issuing its Karate Token on both Ethereum and Hedera via the Hedera Token Service (HTS), Karate Combat has boosted user engagement, leading to the creation of over 400,000 new Hedera accounts within a week.

For instant, Karate Combat’s KC47 “Up Only Gaming” event alone saw participation from approximately 120,000 unique Hedera accounts, highlighting the platform’s growing popularity.

Hedera Network (HBAR) price action

Despite the positive impact of these integrations, HBAR’s price has faced significant challenges. HBAR was trading at around $0.0677 at the time of writing, reflecting a sharp decline from its yearly high of $0.1308 at the beginning of the year.

Notably, HBAR experienced a consistent uptrend after surpassing the 200-day EMA in October 2023, marking higher troughs and highs, and growing by over 164% in the following five months.

However, after losing the crucial $0.09 resistance level, HBAR entered a steep downtrend, falling by over 25%.

This bearish trend led to a drop below the 200-day EMA, forming a descending channel.

The recent buying resurgence from the $0.06 support level helped the buyers break the streak of red candles, resulting in a 20% rally in four days. Yet, the 50-day EMA remains a significant hurdle.

Price levels to watch for Hedera (HBAR)

As HBAR navigates its current market dynamics, several price levels are crucial to watch. The recent reversal from the $0.06 support level set the stage for a potential bullish rally, provided the bulls can maintain momentum.

A breakout above the descending channel could lead to a near-term rally, with buyers aiming to test the $0.088 level near the 200-day EMA.

Conversely, a decline below the $0.06 support could significantly delay recovery efforts, with the next support level at $0.05.

Technical indicators present mixed signals. The Awesome Oscillator shows a potential bullish trend with twin peaks, while the RSI remains below 50, indicating a lack of bullish confirmation.

The 24-hour Long/Short Ratio of 0.8515 suggests a higher proportion of short positions, yet the HBAR/USDT long/short ratio on Binance shows a bullish edge at 2.1.

Additionally, HBAR’s strong correlation with Bitcoin means that Bitcoin’s movements will be crucial for HBAR’s trend.

Investors should keep an eye on the key support and resistance levels and the broader market trends to gauge the token’s future trajectory.

The post Hedera (HBAR) down 10% in despite recent Blade Wallet and Karate Combat partnerships appeared first on Invezz