Hedera Rises 25% In One Week As Crypto Market Turns Red; What’s next for HBAR?
Despite a general market decline for the majority of cryptocurrencies, Hedera (HBAR) is making progress with notable gains. Its performance sets it apart from the rest of the market and has attracted the attention of investors focusing on whether it can sustain its gains.
In fact, HBAR, a scalable smart contract asset, was trading at $0.09 at press time, with daily gains of over 4%. The token also leads the crypto market in weekly gains of over 25%.
The rally has been fueled by sustained capital inflows, with the token’s market capitalization at $2.25 billion on February 14. Over the past seven days, around $460 million has flowed into the asset’s market value.
Drivers of HBAR’s rally
The Hedera Hashgraph price movement has seen the token considered a better performer in the crypto market as assets such as Bitcoin (BTC) continue to post losses. The gain for HBAR comes amid increased network growth and strategic partnerships.
For example, the asset has increased following the announcement of Dell Technologies’ plan to join the Hedera Governing Council. As part of the partnership, Dell will operate its node, develop custom applications and support automation of distributed ledger technology.
“By gaining hands-on experience with distributed ledger technology, we are able to serve as a rational, holistic voice for customers considering incorporating DLT into their digital transformation,” said Dell.
Elsewhere, Ashfall NFT, a new non-fungible token (NFT) series, was recently launched, expanding the platform’s utility.
Overall, Hedera Hashgraph is experiencing widespread use across various industries to create various applications. Companies such as Acme Labs have used the platform to develop a decentralized marketplace for NFTs, while Leemonswap has established a math-themed decentralized exchange.
In addition, a new metaverse fund has been established on Hedera Hashgraph, specifically targeting Africa’s creative industries, with a value of $1 million. These developments suggest that Hedera Hashgraph continues to mature and expand, positioning itself as a significant player in the evolving cryptocurrency market.
What next for HBAR?
HBAR has formed support at the $0.07 level and a break below the position could invalidate the recent bullish momentum. The asset also faces resistance at $0.10 and achieving the position could open room to regain new highs.
Elsewhere, HBAR’s one-day technical analysis at TradingView is dominated by bullishness, with a summary recommending a “buy” at 14 while the moving average is for a “strong buy” at 13. Oscillators recommend a “sell” gauge to 3.
Although HBAR appears to have broken out from the general market, it is worth noting that the asset remains susceptible to general market sentiment.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
