Hedera Hashgraph Trending: Why Crypto Influencers Are Hyping $HBAR

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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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Philipp Traugott
Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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