- Virginia launches a Hedera-based credit marketplace for trading verified water and carbon credits.
- HBAR shows recovery signals, with RSI and MACD turning bullish near key support.
- Analysts target $0.22 for HBAR, signaling potential upside ahead in coming weeks.
The Virginia Department of Environmental Quality (@VirginiaDEQ) has teamed up with @WaterLedger to introduce a statewide marketplace for environmental credits on Hedera. The tool enables institutions, businesses, and government agencies to buy & sell verified environmental credits such as water quality and carbon credits.
Source: Hedera Foundation
Utilizing Hedera’s efficient and speedy ledger, this marketplace is designed to facilitate safe and traceable transactions. WaterLedger is integrated into this framework, as it gives them all the elements required to tokenize credits and develop such a transparent and scalable system. This project could be a launching platform for all other U.S. states.
Also Read: HBAR Sets Up for $0.39 Rally as Hedera Drives Real Estate Tokenization
HBAR Technicals Suggest a Recovery Phase Ahead
The Hedera (HBARUSD) chart on the 4-hour time frame reveals a prominent fall from the level of $0.13 to just below $0.103 in a few days due to constant selling. However, short green candles indicate slight pullbacks that lacked the strength to continue the rise. The market finally gets support around $0.103, marking the beginning of the recovery phase with buyers entering and pushing prices higher. The ongoing market rise represents stabilization around the crash level.
Source: TradingView
The technical indicators also support such a trend. The RSI has risen from oversold regions to a relatively neutral zone at 51. This marks a reduction in selling pressure and subsequent buying activity. Similarly, the MACD indicator also identifies positive trends. The MACD line moves above the signal line, with the histogram plotted above zero. This typically marks a trend reversal.
HBAR Sets Sights on $0.22 After Completing ABC Correction
Moreover, the crypto analyst, Columbus, highlighted that the Hedera (HBAR) is performing very well on all time frames, marking a new wave of confidence in the markets. Technical analysis indicates that the ABC correction cycle might have ended, with the HBAR reaching the 0.886 Fibonacci retracement level, an essential signal that defines the completion of a correction.
Source: Columbus
Experts advise waiting for confirmation before entering long trades. A break of the trendline and subsequent successful retest could be a more reliable entry point. If so, the next target for the HBAR token would be the $0.22 level, further solidifying its strong fundamental outlook, which makes it a token that traders should consider.
Also Read: Hedera (HBAR) Targets $0.19 After CME Feed Launch and GBBC Collaboration
