The cryptocurrency market saw modestly higher prices this trading week, despite warnings from analysts that the market could fall further, pressured by fears that the collapse of the FTX could drag other exchanges into the mud. One of the reasons behind this rise is that Federal Reserve Chair Jerome Powell said that the U.S. central bank might slow the pace of interest rate hikes.
Investors’ confidence is rising due to their belief that the U.S. central bank could roll out smaller-sized interest rate hikes, and according to estimates, the next interest hike should not be above 50 basis points. The next Federal Reserve meeting is scheduled for December 13, and in the days ahead, investors will continue to observe every piece of data that could influence the Federal Reserve decision.
It is important to mention that Chicago Fed President Charles Evans, who was “hawkish” at several latest Fed meetings, also said that the pace of increases is likely to slow. This is undoubtedly positive news for cryptocurrencies, and if this really happens, we could see many cryptocurrencies at higher price levels.
Another positive news came from Morgan Stanley CEO James Gorman, who said that he is convinced that cryptocurrencies are here to stay. Many investors continue to buy cryptocurrencies at their current lows as long-term investments because they believe in their future and potential. Hedera (HBAR) is also showing some positive momentum in the short term, and the price of this cryptocurrency has recovered from its 2022 lows reached on November 09.
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Hedera Hashgraph (HBAR) Technical Analysis
The price of Hedera (HBAR) has advanced from $0.042 to $0.050 since November 09, and the current price stands at $0.0488.
According to technical analysis, Hedera (HBAR) still remains in a bear market, but if the price advances above $0.060, the next target could be $0.070. The current support level stands at $0.040, and a break below this level would indicate that we could see HBAR at $0.035 or even below.
Conclusion
The cryptocurrency market saw modestly higher prices this trading week as the Federal Reserve Chair Jerome Powell said that the U.S. central bank might slow the pace of interest rate hikes. Hedera (HBAR) is also showing some positive momentum in the short term, and the price of this cryptocurrency has recovered from its 2022 lows reached on November 09.
