Hedera Stalls at Key Support Level as Dollar Weakness Raises Internal Concerns

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Hedera (HBAR/USD) has been on a rollercoaster ride this year. After a strong rally in the first quarter of 2023, the cryptocurrency has since given back all of its gains and is currently struggling to hold above the dynamic support area.

The bulls may want to see a daily close above the $0.07 mark in order to be encouraged, while a drop below dynamic support could suggest internal problems. That would be particularly true if the US dollar weakens and Hedera fails to follow.

The below chart shows the current price action of Hedera:

Hedera chart by TradingView

In conclusion, the future of Hedera remains uncertain. If the US dollar continues to weaken it could provide the necessary support for the cryptocurrency to turn bullish, while a failure to turn could suggest internal issues.

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