MZH Zee

08/03 16:38

HBAR Oversold, CBDC Adoption Fuels Bullish Case

HBAR Oversold, CBDC Adoption Fuels Bullish Case

Supporting the bull case yet further is real-world adoption. Last June, the Australian government started testing a Central Bank Digital Currency (CBDC) on the Hedera network as part of a collaboration with Project Acacia.

The project, also including other cutting-edge jurisdictions like the United Arab Emirates (UAE), bolsters Hedera as one of the premier blockchain infrastructures supporting enterprise-scale applications.

This real-world utility has added credibility to Hedera’s long-term prospects, even as short-term price action remains volatile.

Technically, HBAR may be at or around an eventual bounce. The Stochastic Relative Strength Index (StochRSI), the momentum side of the standard RSI, indicates the token as being severely oversold, and as such, an eventual reversal may be imminent.

That being said, the Chaikin Money Flow (CMF) remains negative and does indicate a lack of aggressive whale accumulation at this moment.

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