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Hedera Hashgraph has reacted positively to the news about the Coinbase listing.
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HBAR has consolidated weekly gains at 6%.
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The token is attempting a breakout above a descending resistance level.
Hedera Hashgraph HBAR/USD has recorded a sharp pump in price on Coinbase listing news. Coinbase announced on Monday it will support USD and USDT pairs for HBAR token starting September 13. The exchange noted that the listing would be subject to liquidity conditions and a sufficient supply of the trading pairs.
As a result, the Hedera Hashgraph native token, HBAR, is currently exchanging at $0.067. The price change is 3.59% in the past day and a 6.24% increase in the last week. Aside from the listing, Hedera is gaining relevance among organizations of all sizes.
It is the most popularly used, sustainable, enterprise-grade public ledger. The network uses a decentralized ledger based on directed acyclic graph technology. DAG is an alternative network to the blockchain. Hedera Hashgraph is owned and governed by a council of global innovators like Google, Boeing, and IBM.
Another aspect positioning Hedera Hashgraph as a blockchain of the future is Hedera Token Services. The service allows for the configuration, management, and transfer of non-fungible tokens on the Hedera network. The services are powered by HBAR, a token used in settling transactions. From the technical outlook, HBAR has touched the descending resistance.
HBAR corrects at the descending resistance
Source: TradingView
According to the daily chat above, HBAR is at the descending resistance line. The pattern has remained in place since May. HBAR has also formed a double bottom. The closet resistance is set at $0.083 and the nearest support at $0.057. From the momentum indicator, the Stochastic Oscillator, HBAR has more headroom before entering the overbought zone.
Bottom line
Investors should be keen on HBAR price action at the descending resistance level. Clearance above the level shifts the focus to the next resistance of $0.083. At the moment, $0.0571 remains the reference support and a potential retracement if the breakout does not materialize.