HBAR, the native token of the Hedera ecosystem, is one of the best-performing cryptocurrencies over the past 24 hours.
HBAR is outperforming the broader cryptocurrency market after adding more than 6% to its value so far today.
The broader crypto market is retracing after starting the week in a positive fashion. The total cryptocurrency market remains above $1 trillion despite losing less than 1% of its value in the last 24 hours.
Bitcoin remains in the green zone and is trading above $22k per coin. The world’s leading cryptocurrency by market cap has added less than 1% to its value today.
Ether continues to underperform despite the Merge getting closer. ETH is down by more than 2% today and is trading around $1,720 per coin.
HBAR, the native token of the Hedera ecosystem, is one of the best performers amongst the top 100 cryptocurrencies by market cap. HBAR has added more than 6% to its value in the last 24 hours, outperforming the broader crypto market.
The positive performance comes after Coinbase, one of the leading crypto exchanges in the world, announced its support of HBAR.
Coinbase will add support for Hedera (HBAR) on the Hedera network. Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) September 12, 2022
Key levels to watch
The HBAR/USD 4-hour chart is bullish as Hedera’s native coin has been performing well over the past 24 hours. The technical indicators show that HBAR is outperforming the broader crypto market at the moment.
The MACD line crossed into the positive line over the weekend and has remained there, indicating bullish momentum for HBAR.
The 14-day relative strength index of 62 shows that HBAR is moving closer to the overbought region of the market.
At press time, HBAR is trading at $0.0683 per coin. If the bulls remain in control, HBAR could rally past the first major resistance level at $0.0735 before the end of the day.
If the broader market recovers, it could push HBAR past the $0.081 resistance point for the first time since August.