Hedera network integrates Australian Digital Dollar stablecoin to push digital payments in Asia-Pacific
- Hedera Foundation announced the integration of the Australian Digital Dollar on Thursday to boost cross-border and micropayments.
- Hedera’s stablecoin studio offers AUDD a high-performance blockchain with low fees and fast transaction speed.
- The technical outlook signals reversal chances after eight consecutive bearish days.
Hedera (HBAR) remains muted at press time on Thursday after the previous day’s Doji candle formation. The launch of the Australian Digital Dollar (AUDD) on the Hedera network has failed to improve sentiments surrounding HBAR, as a bearish technical outlook persists.
AUDD launched on the Hedera network
The Hedera Foundation announced the launch of AUDD, a stablecoin pegged to the Australian Dollar, on Thursday. Hedera aims to boost the digital economy in the Asia-Pacific region and beyond by offering a payment solution that overcomes cross-border limitations alongside micropayments, making it more feasible for mainstream adoption.
Hedera’s stablecoin studio offers a high-performance, institutional-grade blockchain network with fast transactions under seconds, nominal fees of $0.001 per transaction, and a carbon-negative footprint.
Earlier this month, the AUDD was launched on the XRP Ledger in partnership with Ripple.
HBAR Price Forecast: Doji candle signals reversal possibility
HBAR edges slightly lower under 0.50% on Thursday, hinting at the ninth consecutive bearish candle. A Doji candle formed on the previous day could signal a local bottom formation, as it typically indicates a trend reversal after a convincing uptrend or downtrend.
As HBAR nears the $0.1400 support level, the lowest year-to-date (YTD) closing price, a potential reversal could target the 50-day Exponential Moving Average (EMA) at $0.1741.
A closing above the 50-day EMA could signal the end of the downtrend as seen in the peaks of January 17, May 10, May 22, and June 10.
The momentum indicator flashed mixed signals despite HBAR approaching a crucial support. The Moving Average Convergence/Divergence (MACD) indicator declines further with its signal line. A wave of negative histogram bars below the zero line indicates a boost in bearish momentum.
The Relative Strength Index (RSI) at 30 indicates increasing bearish momentum, as it hovers near the oversold boundary. Amid these conditions, the chances of a bullish reversal significantly increase.
HBAR/USDT daily price chart.
A pullback below $0.1400 could extend the correction towards $0.1248, the YTD lowest price.
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
