The distributed ledger project Hedera Hashgraph and its native token $HBAR have been garnering increased attention from the cryptocurrency community amid signs of growing traction and adoption for the network.
Over recent weeks, discussions surrounding Hedera have proliferated across social channels and forums, with advocates of the project touting its speed, security, and low transaction costs as reasons for its potential mainstream success. Social volume for $HBAR has trended upward significantly, indicating the asset is breaking into the popular consciousness.
On the technology front, Hedera has deployed mainnet upgrades that allow smart contracts and token minting, broadening its functionality. Major corporations like Boeing, IBM, and Google serve as governing council members, while Avery Dennison and Lynkey have recently adopted Hedera services.
The network’s native token, $HBAR, has also been on the rise, reclaiming the 6 cent level in recent trading. This price action has further spurred positive momentum and hype around the asset among investors.
The price of Hedera’s native token $HBAR currently stands at $0.060882, up 9.10% in the last 24 hours. Trading volume over the past day has surpassed $153 million as the token sees bullish momentum build.
Over the past week, $HBAR has rallied close to 19% off its recent swing lows. This upside move comes after the initial bullish impulse for $HBAR held above resistance instead of invalidating.
Now, with $HBAR reclaiming its first layer of resistance around $0.06, it appears a potential 3-wave advance is underway. The technical posture remains constructive for further grinding upside in the near-term.
To maintain control, bulls want to see $HBAR climbing towards the next target around $0.17 in the coming weeks. This would confirm the rally off the recent bottom has legs to retest HBAR’s 2022 highs.
With 33 billion tokens in circulation, Hedera currently sports a market valuation approaching $2 billion. As adoption and development on the network expands, the bullish technical setup points to upside potential for $HBAR in the short-term.
Some market participants have even suggested Hedera could catalyze the next major crypto bull run given its technical capabilities and increasing traction with developers and enterprises.
Backing from major banking entities has also validated Hedera’s market position. A recent proof-of-concept video demonstrated several large international banks utilizing HashPack wallets to integrate Hedera-based services.
As Hedera’s ecosystem expands via services like HashPack and gets implemented by major corporations, $HBAR seems to be finding its footing in the maturing crypto economy. The confluence of technology wins, surging social activity, and enthusiastic price action signals a promising outlook for this blockchain alternative.
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