Hedera Hashgraph Price Prediction – Can HBAR Reach $10 This Year?

Hedera Hashgraph price has jumped by 6.5% in the last 24-hours to reach $0.086379. Hedera blockchain has processed over four billion transactions to date, This level represents a 27% gain in one week and a 61% increase over the past 30 days, with the rally also fueled by Dell joining the Hedera Governing Council.

At the same time, the Hedera blockchain appears to be attracting organic growth and adoption, given that it is one of the fastest growing protocols in the cryptocurrency ecosystem. And with its net worth increasing rapidly, it may only be a matter of time before its price reaches that absolute number.

Hedera Hashgraph Price Prediction – Can HBAR Reach $10 This Year?

HBAR’s technicals support the skepticism that the coin is currently enjoying a strong rally. Its Relative Strength Index (purple) has jumped to 70 in the past, indicating substantial buying momentum.

Similarly, the coin’s 30-day moving average (red) has moved higher over the past few days, above its 200-day (blue). This indicates a breakout rally which may continue for a while.

The major resistance level to watch here is $0.088. HBAR has made attempts to break this range over the past few hours, with each attempt resulting in it moving back down.

However, if it can break $0.088, HBAR is likely to continue higher towards $0.09 and higher.

As mentioned above, HBAR is doing well as its parent platform Hedera Hashgraph has made significant progress in recent weeks. Specifically, today’s rally has its roots in the February 7 announcement that computing giant Dell will join Hedera’s governing body, on using Hedera for research into edge computing (a branch of Internet-of-Things computing). with special attention.

The announcement marked a huge jump for HBAR, and since then news of Hedera’s ongoing development and adoption has given the altcoin additional momentum.

Notably, yesterday saw the network process four billion transactions. What is impressive is that it passed three billion transactions less than a month ago, which indicates just how fast the network is growing.

Such transaction counts can be put into perspective by comparing Hedera’s data with rival proof-of-stake layer-one networks like Cardano. The table below shows that, along several dimensions, Hedera is lagging behind even its most advanced rivals.

Such favorable contrasts highlight why companies such as Dell are involving themselves in the development and growth of Hedera. It also highlights why Hedera’s total value locked in — a measure of the value stored on its apps — has risen so impressively in recent weeks.

In fact, defilama data Turns out that its TVL (at $43.76 million) has increased by 87% since January 1, and by 200% since mid-August. Again, this points to Hedera Hashgraph as one of the fastest growing layer-one networks in the crypto ecosystem.

Based on growth like this, it’s fair to assume that HBAR is due for some big rallies this year. Its most immediate target would be $0.01, but it could move much higher from there.

interesting, Analysis by crypto-exchange Changelly suggests an average trading price of $0.13 for HBAR this year. This would require a 50% increase from its current level, although some HBAR supporters are expecting even bigger gains.

Buy HBAR now

Hedera Hasgraph Alternatives

If you are looking for other high-potential coins, we have reviewed them in our list of the Top 15 Cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.

The list is updated weekly with new altcoins and ICO projects.

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