The hedera hashgraph price has jumped by 6.5% in the past 24 hours, reaching $0.086379 following the news that the Hedera blockchain has processed over four billion transactions to date. This level represents a 27% gain in a week and a 61% surge in the last 30 days, with this rally also caused in part by Dell’s joining of the Hedera Governing Council.
At the same time, the Hedera blockchain appears to be attracting organic growth and adoption, given that it boasts one of the fastest protocols in the cryptocurrency ecosystem. And with its total value locked in increasing fast, it may be only a matter of time before its price reaches whole numbers.
Hedera Hashgraph Price Prediction – Can HBAR Reach $10 This Year?
HBAR’s technicals support the suspicion that the coin is currently enjoying a strong rally at the moment. Its relative strength index (purple) has jumped to 70 in the past day, indicating substantial buying momentum.
Likewise, the coin’s 30-day moving average (red) has surged in the last few days, rising above its 200-day (blue). This indicates a breakout rally which could continue for a little while longer yet.
A key resistance level to watch here is $0.088. HBAR has attempted to breach this ceiling in the past few hours, with each attempt result in it coming back down.
However, if it can break through $0.088, HBAR will likely continue towards $0.09 and beyond.
As noted above, HBAR is doing well because of the significant progress its native platform, Hedera Hashgraph, has made in recent weeks. In particular, today’s rally has its roots in the February 7 announcement that computing giant Dell would be joining Hedera’s governing body, with a particular focus on using Hedera for research into edge computing (a branch of Internet-of-Things computing).
This announcement sparked a big jump for HBAR, and since then the altcoin’s has been given extra momentum by news of Hedera’s ongoing development and adoption.
Most notably, yesterday saw the network celebrate having processed four billion transactions. What’s impressive is that it passed three billion transactions less than a month ago, something which indicates just how quickly the network is growing right now.
Such a transaction count can be put into perspective by comparing Hedera’s data with that of a rival proof-of-stake layer-one network, such as Cardano. What the table below shows is that, along many dimensions, Hedera is outstripping even its most advanced rivals.
Such a favorable contrast highlights why companies like Dell are involving themselves in Hedera’s development and evolution. It also highlights why Hedera’s total value locked in — a measure of the value stored on its apps — has increased so impressively in recent weeks.
In fact, DefiLlama data reveals that its TVL (at $43.76 million) has risen by 87% since January 1, and by 200% since the middle of August. Again, this points to Hedera Hashgraph as one of the fastest-growing layer-one networks in the crypto ecosystem.
Based on such growth, it’s reasonable to assume that HBAR is due some substantial rallies this year. Its most immediate target will be $0.01, but from there it could rise much higher.
Interestingly, analysis by the crypto-exchange Changelly has suggested an average trading price for HBAR this year of $0.13. This would entail a 50% increase from its current level, although some HBAR supporters are expecting even bigger gains.
Hedera Hasgraph Alternatives
If you’re looking for other high-potential coins, we’ve reviewed them in a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
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