Hedera Hashgraph, a leading public network, has partnered with McLaren Racing for a multi-year deal, which was announced on Thursday, January 22, becoming an Official Partner of the McLaren Formula 1 Team and the Arrow McLaren IndyCar Team.
The collaboration brings together elite motorsport engineering and enterprise-grade distributed ledger technology, highlighting shared values of performance, precision, innovation, and long-term vision across global racing audiences.
As a result of the partnership, Hedera will provide the power to create digital collectibles and new experiences in the form of free-to-claim digital collectibles. This is an exemplary case of the real-world application of Web3, as it is providing scalable and sustainable engagement to millions of fans worldwide.
Also Read: Hedera (HBAR) Consolidates Near $0.10–$0.11; Bullish Reversal Ahead?
Even though this partnership will give Hedera enhanced brand awareness, HBAR has recently recorded a bearish structural change in its price movements on higher time frames, according to crypto analyst Crypto Pulse, who has indicated that its former support zone has turned into a resistance zone, which means its bearish trend has not yet abated.
Source: Crypto Pulse X Post
As long as the HBAR is held down by this barrier, Crypto Pulse is forecasting a continuation of the downward trend, which might even see the asset drop to the lows of $0.08 and even $0.05.
The overall environment for the cryptocurrency space, which has altcoins trading with a cautious sentiment, is keeping the buying activity subdued even with fundamentally strong news.
According to TradingView data as of Sunday, January 25, the price action in HBAR has been showing a series of lower highs and lower lows from early January with a decline from the $0.13 level.
The asset saw a sharp decline in the middle of the month, followed by a failed rally from those levels, keeping the trend biased to the downside.
Source: TradingView
The momentum indicators are also low, as shown in the MACD, which is still below the zero level, indicating low signs of bullish divergence, and in the Relative Strength Index, which, though it has moved up from an oversold zone, is still well below the 50 mark. Experts believe the $0.08-$0.10 zone is a possible zone of demand.
Also Read: Hedera Hashgraph (HBAR) Rises as ETF Inflows Boost Price Toward $0.135
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