Hedera market has recently entered a downtrend following a brief recovery. Hedera price is currently undergoing a market correction. This trend mirrors the broader cryptocurrency sector, which has also been bearish after recent market fluctuations. In related developments, Hedera is poised to become a founding member of the MiCA Crypto Alliance, alongside Ripple and the Aptos Foundation. This strategic move precedes the recent decline in Hedera’s price.
Hedera Price Eyes $1 As Crypto Alliance Forms
Hedera has joined forces with Ripple and Aptos Foundation as founding members of the new MiCA Crypto Alliance. This initiative, supported by the DLT Science Foundation, aims to align with the Markets in Crypto-Assets (MiCA) regulations. The alliance includes various layer 1 and layer 2 protocols and exchanges. It seeks to standardize white paper content and sustainability measures.
1/3 #Hedera is excited to join @Ripple and @Aptos Foundation as Founding Members of the MiCA Crypto Alliance, with technical support from DLT Science Foundation. To learn more or get involved: https://t.co/UJVxCzmXGH pic.twitter.com/f4L1rvu5ur
— Hedera (@hedera) September 16, 2024
This collaboration will reduce compliance costs and maintain high industry standards. Alliance members will gain access to advanced sustainability assessment tools and white paper creation resources. On Monday, the three principal organizations announced this strategic move, signifying a major step towards enhanced regulatory compliance in the EU’s cryptocurrency markets.
HBAR Struggles Below $0.05 Amid Bearish Trends
Hedera price has shown signs of a bearish trend, consistently hovering below the crucial support level of $0.05. At the time of writing, the HBAR price is trading at $0.04943, marking a decrease of 3.39% during the U.S. trading time zone.
This downturn follows a significant increase in trading volume, which has surged by 55.72% in the last 24 hours, suggesting heightened market activity amidst the declining price.
The Moving Average Convergence Divergence (MACD) histogram suggests a bearish outlook as it remains below the signal line. The divergence between the MACD line (blue) and the signal line (orange) has widened, indicating that downward momentum could persist in the short term.
Hedera Price Chart| Source: TradingView
According to Coinglass data, the Hedera price movement has seen significant trading activity recently. The trading volume surged by 67.70%, reaching $23.54 million. However, the open interest for Hedera has declined by 2.43%, settling at $28.95 million. This divergence between trading volume and open interest could indicate changing investor sentiment or impending volatility in the market.
Source- Coinglass
Hedera price faces a significant hurdle at the $0.06 mark. If it breaks past this point, it could climb towards $0.07. Subsequent advancements could drive HBAR to a dollar. This comes as Hedera joins the MiCA Crypto Alliance, a move signaling promising growth ahead. These developments place Hedera in a strong position for future appreciation.
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