Hedera is down by 2 per cent today, extending a bearish trend that resulted in its value dropping by 2 per cent yesterday. However, the current drop looks like a continuation of the recent horizontal trend, where it has traded within a narrow price range of between $0.042 and $0.050 for more than a month.
Shift Markets has partnered with the Hedera Foundation to launch Shift Dashboard, a product which will provide enterprise clients with trading, payment, and yield-earning opportunities on the Hedera network. The offering will give Shift’s over 70 exchanges and other Web3 clientele access to the network’s assets and allow them to explore a range of use cases.
Shift Markets offers a variety of products to their clientele, most notably a white-label exchange product built on their liquidity engine, Nexus. This allows institutions to capitalize on their network by operating an exchange whilst leaving the customer service and technology maintenance to Shift. Nexus will first integrate Hedera, making HBAR available to the Shift Enterprise clients as well as retail users.
Ian McAfee, CEO of Shift Markets, said the integration will “transform the way that institutions interact with crypto”. Hedera’s services will be introduced to a large range of enterprise and retail users through Shift’s white-label exchange product, Nexus. The partnership comes naturally, with both the Hedera network and Shift pioneering enterprise adoption in the Web3 space. Most recently, abrdn, the UK asset manager with £508 billion AUM, joined the Hedera Governing Council and announced its plan to tokenize their funds. This places them alongside a team of 27 companies on the council, including Google, Boeing, EDF Energy, DBS Bank, Deutsche Telekom, and Ubisoft.
The partnership shows that, despite Hedera’s continued horizontal trend, it is already preparing for long-term recovery.
Based on the chart below, it is clear that, for the past month, Hedera has struggled to establish a trend and, instead, has traded in a sideways market. The chart also shows that today’s drop is a continuation of the narrow price range trading, where HBAR’s price has traded between $0.042 and $0.050 for more than a month.
Therefore, based on the fundamental analysis above and the current price action, I expect the current horizontal trend to continue. It is highly likely that we may close the year with HBAR trading within the $0.042 and $0.050 price range. However, a trade above or below these levels will indicate a change in trend and invalidate my sideways price analysis.
This post was last modified on %s = human-readable time difference 11:47