Early on Monday, Hedera Hashgraph (HBAR) is making cautious moves upwards, trying to reclaim the losses incurred in the previous session, and it remains one of the few cryptocurrencies to register weekly gains. At the time of writing, HBAR/USD is trading around $0.17, up by more than 2.50% in the past seven days.

Despite the overall bearish mood towards digital currencies, there are several fundamental factors that work in favor of Hedera Hashgraph – one of the relatively new entrants in this space. One of the key factors keeping the HBAR price supported is its extremely energy efficient design – it uses a fraction of the energy that market leaders utilize, making it a far more green and environmentally responsible method to conduct digital transactions. According to estimates, the Hedera Hashgraph platform requires just 0.001 kWh per transaction against Bitcoin’s 250 kWh and Ethereum’s 55 kWh usage.

In addition, there has been considerable interest in adopting the network’s technology. For instance, recently, the parent company of blockchain advertising platform AdsDax, Yamgo, announced the launch of its Rewards Platform which utilizes the Hedera Hashgraph technology to let users earn rewards using HBAR tokens for actions taken on their platform.

A few weeks ago, we reported about NBA player Spencer Dinwiddie announcing his Calaxy app powered by the Hedera Hashgraph network. Recently, Dinwiddie announced a partnership with SUKU’s carbon-negative INFINITE Marketplace to issue his first NFT linked to a physically redeemable collectible, a pair of sneakers worn by him during a game. The SUKU INFINITE marketplace is powered by Hedera’s network, and higher interest in this space can propel HBAR’s value upwards in the near future.

Key Levels to Watch

On the H4 chart of HBAR/USD, most of the moving averages as well as the MACD and momentum indicators suggest a bearish bias. Hedera Hashgraph’s price is sitting in between the pivot point at $0.18 and the immediate support below at $0.16 at the moment.

In case more buyers step in to take advantage of the low price, we could see HBAR rise above the pivot point towards resistance just under the $0.20 level. On the other hand, an increase in selling pressure powered by waning interest among investors or a deterioration in the market sentiment could send the HBAR/USD pair below the first support and towards testing the next support level which sits around the $0.14 mark.