- Hedera Hashgraph welcomed COFRA to be a member of its governance council.
- HBAR and DOT prices have been in a steady downward trend.
Polkadot and Hedera Hashgraph prices have come under intense sell-off in the past few days even as altcoins attempt to rebound. DOT dropped to a low of $5.35, the lowest level since March 11. It has crashed by over 32% from the highest point this year.
HBAR price, on the other hand, dropped to a low of $0.052, the lowest level since January 17th. It has fallen by 47% from the highest level this year even after the developers added another company in its governance council.
COFRA Holding, a conglomerate in industries like finance, energy, food, and fashion, joined the council. It joins companies like IBM, Google, and Deutsche Telekom as part of the council. Hedera said:
“COFRA has a long, successful track record of building coalitions to tackle difficult problems and we believe that they will contribute enormously to Hedera.”
Hedera Hashgraph price prediction
HBAR price has been in a downward trend in the past few days. It has moved below the important support level at $0.054, the lowest level on March 10 of this year. The coin has also dropped below the 25-day moving average.
Further, Hedera Hashgraph has moved to the first support of the Woodie pivot points while the Relative Strength Index (RSI) has moved close to the oversold level. A closer look shows that Hedera has formed what looks like a bearish flag pattern.
In price action analysis, this pattern is usually a bearish sign. Therefore, there is a possibility that the coin will continue falling as sellers target the next support at $0.035, the lowest point this year.
The alternative scenario is where the coin makes a bullish bounce back and moves to the pivot point at $0.066.
Polkadot price prediction
Polkadot, one of the biggest players in the blockchain industry, has struggled in the past few months. This struggle is mostly because most of its parachains have not had the success most people were expecting.
DOT price recently formed a double-top pattern at around $7. It has now moved below the key support level at $6.40, the lowest point on July 13. Polkadot has also dropped below the 25-day= and 50-day moving averages.
Also, the token is at an important support the lowest level on March 10. Therefore, the coin will likely have a bearish breakout as sellers target the next key support at $4.50. The alternative scenario is where it rises and retests the resistance at $6.40.
Read more: How to buy Polkadot.
