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Hedera Struggles to Maintain Gains Amid Dollar Fluctuations

Published 29/09/2023, 01:00 am

In the world of cryptocurrency, Hedera (HBAR/USD) has been grappling with maintaining its early 2023 gains. After a significant leap from $0.04 to $0.1 within the first three months of 2023, driven by Bitcoin's bullish breakout, Hedera subsequently surrendered all its gains and is presently striving to stay above dynamic support.

The trajectory of the US dollar has had a profound impact on Hedera's market status. The anticipated downturn in the dollar's rally was expected to catalyze Hedera's bullish reversal. However, this has yet to materialize.

In the event that Hedera fails to rally despite a weakening dollar, this could signal potential internal issues within Hedera's structure. As it stands, the cryptocurrency sector remains closely tuned to the performance of Hedera in relation to these broader market dynamics.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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