What’s Happening With Hedera Hashgraph (HBAR) Lately?
With most of the crypto market trending lower after Bitcoin’s tumble, Hedera Hashgraph (HBAR) is experiencing strong bearish moves; however, we have reason to believe that it could pick up well once the sentiment overturns in the future. At the time of writing, HBAR/USD is trading at around $0.225.
After spiking to a high past the $0.50 level in September, HBAR has been on quite the slide lower since then, with investors being focused on the majors in the market instead. Currently, Hedera Hashgraph ranks 39th in terms of market capitalization among cryptocurrencies. What’s interesting about the coin is that its price has continued to remain supported despite a sharp drop in trading volume until mid November, after which it has been in bear territory.
What sets Hedera Hashgraph apart from almost every other digital currency in the market today is that it does not use blockchain technology, and instead leverages the concept of hashgraph for its distributed ledger technology. This gives its network far more resilience and speed, especially in comparison with leading PoW-based blockchain networks like Bitcoin and Ethereum. Its consensus service acts as a layer of trust on which an app can build and record secure and verifiable log of events.
Other Fundamental Developments in Recent Weeks in Hedera’s Ecosystem
One of the most exciting recent developments that can offer support to the HBAR token is HBAR Foundation’s partnership with UAE-based blockchain consultancy DECA4 to support the development of dApps and drive up Hedera Hashgraph’s utilization across the Middle East region. One instance under development is a diamond value chain platform being developed on the network by UAE-based diamond retailer Al Nakheel Jewellers. It is the first decentralized project to receive a grant from the HBAR Foundation and will offer historical, tamper proof tracking for diamonds, all the way from its source of origin till its customer.
About a month ago, the Hedera Governing Council welcomed cloud-based digital workflow platform ServiceNow into the network’s ecosystem. The integration of the Now Platform into Hedra Hashgraph will give it a significant push up in its efforts to drive mainstream adoption among enterprises. ServiceNow focuses on driving digital transformation across organizations and leveraging Hedera’s DLT can not only improve security but also make the initiatives it undertakes far more efficient and scalable.
A few weeks later, we heard about how Hedera Hashgraph partnered with South Korean bank Shinhan Bank on a proof of concept exploring the use of stablecoins for faster, cheaper and more efficient remittances worldwide. With an average transaction fee of $0.0001 and an average transaction time ranging between three and five seconds, the concept can revolutionize cross-border payments. This is just one among many financial use cases the network is exploring with stablecoins.
HBAR/USD Technical Analysis
Taking a look at the H4 price chart of HBAR/USD, we find a strong bearish bias being exhibited by moving averages as well as leading technical indicators MACD and momentum. Hedera Hashgraph’s price sits well below the pivot point at $0.260 and under the immediate support at $0.228 as well.
We need to keep a close watch on the price action between this level and the key $0.20 level, where the next support can be found. A break below this level can dent investor confidence significantly and drive sharp sell-offs in HBAR in the near term.
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