Hedera HBAR, the native cryptocurrency of the Hedera public network, has seen its price decline 1.38% over the past hour to $0.04910, according to data analyzed on September 3, 2023. With a market capitalization of $1.64 billion, HBAR currently ranks #36 among cryptocurrencies. Over the past 24 hours, $60.64 million worth of HBAR has been traded on exchanges. Let's take a closer look at the key metrics and trends for HBAR.

Over the past day, HBAR's price is down a slight 0.14%. However, zooming out shows steep declines over the past week and month. Over the past 7 days, HBAR has plunged 15.05%. And over the past month, it has dropped 7.79%. The declines are even steeper over the past 6 months, with HBAR down 23.26% over that timeframe.

This shows that after a period of stability in early 2023, HBAR has been caught up in the broader cryptocurrency sell-off since June. Various macroeconomic factors like rising interest rates, recession fears, and the fallout from the FTX collapse have weighed on digital asset prices. HBAR has not been immune to the bearish sentiment.

However, there are some bullish signs that suggest this could be a bottoming process for HBAR before a potential reversal. HBAR's losses have decelerated over the past month compared to the prior month. This could indicate sellers are becoming exhausted and the price is stabilizing and establishing a bottom.

Additionally, HBAR maintains a strong fundamental outlook. As the native token of Hedera, it powers the fast, sustainable, and secure Hedera public network. Built on hashgraph technology, Hedera offers high transaction speeds and low fees compared to older blockchain-based networks. Major enterprises across industries are building decentralized applications on Hedera for use cases like supply chain tracking, tokenized assets, gaming, and micropayments.

As more applications launch on Hedera, demand for HBAR should increase since it is required to power transactions and interactions on the network. While short-term price action has been negative, the long-term adoption growth story remains intact.

What's Next for HBAR?

Looking ahead, there are reasons to be cautiously optimistic about a potential reversal in HBAR's multi-month downtrend. From a technical analysis perspective, HBAR looks oversold at current levels based on the daily relative strength index (RSI) and other momentum indicators. Previously oversold readings on the RSI have preceded short-term bounces.

If broader crypto market sentiment improves thanks to positive macroeconomic developments or news, HBAR could quickly bounce back above its 200-day moving average around $0.065. This key technical level has provided resistance during 2022's downtrend. A decisive breakout above it would signal a bullish trend change.

Fundamentally, look for Hedera to continue announcing new network adoptions, use cases and applications built on HBAR. Real-world usage growth should drive long-term demand for the token. While short-term volatility persists, HBAR has promising long-term potential.

Is HBAR a Good Investment for 2023 and Beyond?

With HBAR down 80% from its all-time high, many investors wonder if now is the time to buy the token at a discount. As with any cryptocurrency, HBAR remains a relatively speculative asset with higher volatility compared to stocks and bonds. However, for investors with a higher risk tolerance, HBAR offers attractive upside potential from current levels.

Given its strong technology, enterprise adoption and real-world usage, HBAR seems undervalued trading below $0.05. While timing the bottom is difficult, dollar-cost averaging into a position here could pay off tremendously if/when prices recover to new highs.

For conservative investors, HBAR may not be the best portfolio addition currently. However, for speculative investors, HBAR offers an intriguing risk/reward ratio at current prices. The development team continues building partnerships and launching network upgrades. If cryptocurrency sentiment improves, HBAR could once again outperform the broader market.

Conclusion

In summary, HBAR has seen steep declines in 2022 amid the crypto bear market. However, developing support around $0.05 and bullish long-term adoption trends suggest this could be a bottoming process. While volatility persists short-term, HBAR looks undervalued for long-term investors. Dollar-cost averaging can help mitigate timing risks. With strong technology and real-world usage growth, HBAR seems poised to recover strongly when the next crypto bull market emerges.