Hedera is Going to Zero as HBAR Price Plummets 5% Overnight and This New Meme Coin Takes All the Attention – $250,000 Raised Already

cryptonews.com:

Hedera Hashgraph (HBAR) continues to trade in tight-fought consolidation above the 200DMA, but with two-failed tests at resistance, many are now saying 'Hedera is going to zero' - find out in this HBAR price analysis.

This comes following strong performance for HBAR, which exploded +20% last week in the wake of the announcement that FedNow will be integrating Hedera via the Dropp dApp.

The integration news comes amid a wave of project growth for the Hedera ecosystem, with big names like Kia, Hyundai, and Microsoft all making significant partnerships in recent weeks.

However, the FedNow integration remains particularly significant as it marks the first formal connection between Hedera and the Federal Reserve.

As Hedera struggles against tough resistance, HBAR is trading at a current price of $0.063 (a 24-hour change of +3.26%).

Following an impressive +90% rally since June 10, which saw HBAR push-up from rock-bottom price levels around $0.04 to reach a local high of $0.075.

However, rejection from the upper trendline has triggered a thumping -17% retracement move, leaving price action reeling in a battle to establish consolidation above the 200DMA.

The 200DMA has become critical to price action, forming a long-standing capstone of resistance from the start of May until August 14 - failure to build support here could have devastating consequences for price action.

Indeed, the importance of this level has been deepened by the incoming convergence of the ascendant 20DMA - with $0.06 now forming the key support level to watch.

Indicators provide little relief, with Hedera's RSI still showing bearish divergence with an over-sold signal at 56.98.

While the MACD has been slowing, to showcase extremely marginal bullish divergence at