February 22, 2024
Hedera


Hedera (HBAR), despite the very unpredictable cryptocurrency market, has demonstrated its ability to defy trends by recording more than 14% increase on its price chart, Sunday.

Hedera has not only held its place despite the volatile circumstances that frequently affect other digital assets, but has also shown steady resilience.

At the time of writing, HBAR emerged as the only crypto in the top 50 ranking with the highest increase in the seven-day timeframe at 15%. Trading at $$0.063, HBAR only sustained a very minor 1.1% loss in the last 24 hours.

Given that the majority of cryptocurrencies have had significant weekly falls, which have been further exacerbated by the latest market collapse, this is of utmost importance.

Hedera: Weekend Rout Top Performing Crypto

HBAR weekend price action . Source: Coingecko

The cryptocurrency market took a major beating on Friday, causing a broad slump and more than $1 billion in liquidations. The most popular cryptocurrency, Bitcoin, experienced a swift decline of nearly 10% in just a few hours, falling to a two-month low of $25,600.

Since the collapse of the FTX crypto exchange in November, this was the alpha coin’s most challenging week. The incident highlights how intertwined the crypto industry is and how a substantial decline in one key asset can have a ripple effect across the market.

HBAR market cap reaches $2.11 billion on the weekend chart: TradingView.com

Hedera saw a notable increase in trade volume, which rose by a staggering 60% over night to reach an outstanding total of $220,755,864. This increase in trading activity is a sign of greater market engagement and interest, which may indicate a change in the way the market feels about the currency.

Additionally, the examination of Hedera’s price patterns using its technical indicators and moving averages displays a convincing sequence of strong buy signals. This line-up of indicators supports the idea that market forces are advantageously positioned to promote the price growth of Hedera.

Bright Prospects For HBAR

Analysts are continuing to have a bullish stance on Hedera’s prospects in light of these significant developments. They have reason to be optimistic since they anticipate a price increase that might push Hedera’s value up to the anticipated target of $0.065 by the end of August.

HBAR weekly price performance. Source: CoinMarketCap

Partnerships And Adoption

The HBAR price surge coincided with the integration of Dropp, a micropayments platform based on the Hedera Hashgraph, to the FedNow instant payments system operated by the US Federal Reserve.

The pricing increase also follows a recent press release touting Hedera’s partnership with Validation Cloud. The integration intends to increase Ethereum Virtual Machine (EVM) developers’ interest in the Hedera network.

Meanwhile, Hyundai and Kia, two well-known names in the automotive sector, are enthusiastically adopting the Hedera network, marking yet another outstanding benchmark in platform adoption.

Significantly, the news that these auto industry heavyweights will be using a Hedera network-based artificial intelligence system to monitor carbon footprints throughout their supply chain has boosted trust and confidence in the platform’s prospects.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from US Army



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