Hedera Hashgraph Price Up By 8% – Time To Buy HBAR?

Hedera Hashgraph’s sobriquet of being the “trust layer of the internet” has seen several investors buy HBAR. Looking to create powerful decentralized applications (DApps) without compromising speed and stability of the network, Hedera Hashgraph has enjoyed adoption by individuals and businesses.

Even though its governance token has continued to trade under a dollar, the growing importance of the blockchain protocol saw it near the mark in mid-April.

In the last 24 hours, the HBAR has rallied significantly as the crypto market continues its struggles against the bears.
This article explores what Hedera Hashgraph’s goals and aspirations are and its recent price action.

Hedera Hashgraph: The ‘Blockchain Killer’

Hedera Hashgraph is a distributed ledger protocol that enables individuals and enterprises to build powerful DApps on its public network.

Christening itself as the 3rd generation public ledger, Hedera aims to improve on the existing blockchain protocols (most notably Bitcoin and Ethereum).

It uses the Hashgraph which works similarly to the blockchain but stores data in hashes instead of blocks. Using an innovative gossip protocol, Hedera is able to verify transactions faster without compromising its stability.

Founded in 2016 by Dr. Leemon Baird, Hedera is cost-efficient, charging a meager $0.0001 as average transaction fee. According to the development team, Hedera can handle over 10,000 transactions per second (TPS) as opposed to Bitcoin and Ethereum’s average speed of 5-20 TPS.

HBAR is its governance token and it powers majority of the protocol’s services. It is used in smart contracts, file storage, and regular transaction settlement. In addition, it’s also used to secure the Hedera network as users can stake their tokens to preserv the integrity of the platform.

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HBAR: Breaking Through The Resistance

Currently 50th on the global trading chart, HBAR is what many will call a small-cap cryptocurrency. However, it boasts of over $1.8 billion in market cap and its 24 hour trading volume has surged more than 8%.

At press time, 1 HBAR is exchangeable for about $0.20593 increasing 16.8% at the moment of writing. The positive price action has led several investors to buy HBAR. HBAR’s meteoric rise is intrinsically tied to the Bitcoin rally on Monday which saw most altcoins rallying.

But this does not mean that HBAR has been on an uptrend all year-long. Coming into the year at $0.03563, HBAR surged to an all-time high (ATH) of $0.41047 prior to the massive selloff that saw the crypto market lose 50% of its value.

The subsequent shedding off of $1 trillion in digital assets pushed HBAR to a mid-52 week low of $0.16554 on June 23rd. it was not able to pick itself off and dipped further to $0.16382 before finding support at that level.

However, the tides are turning to its favor and it has broken above its resistance level of $0.19074 and this may be a great time to buy HBAR and rise with the market.

HBAR Technical And Fundamental Analysis

The crypto market has been taken over by the bears for over a month now with market sentiment wavering between ‘Fear’ and ‘Extreme Fear.’ However, the bulls are gradually coming back to graze and HBAR is picking up steam alongside.

The digital asset is trading above the 20-day moving average (MA) support at $0.19196 and is continuing its upward trajectory towards finding a new support level.

Its relative strength index (RSI) stands at 51.91, indicating that more investors want to buy HBAR. This shows that it is trading over the oversold level which characterized the May crypto market crash.

However, its RSI was a little lower three days earlier standing at 46.30. Market analysts are also pointing to a continued bull run.

According to Coinpedia, HBAR may likely hit the $1 mark before the close of the year. However, if it fails at this, it could trade on an average around $0.6. Wallet investor is more modest in its forecast and points to a $0.516 all-time high in 2021.

A five-year forecast by the same analyst website puts HBAR just north of $2 with $1.854 serving as the benchmark.

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