- Hedera Hashgraph’s HBAR token has remained in a tight range for a while.
- The developers announced a new partnership with Hyundai Motor Company.
- Google Bard expects that HBAR price will average about $0.059 in August.
Hedera Hashgraph price has been in a tight range in the past few weeks, in line with other cryptocurrencies. HBAR price was trading at $0.052, where it has been in the past few days. This price is a few points below last month’s high of $0.061.
HBAR price to consolidate
Hedera Hashgraph price has tracked that of Bitcoin and Ethereum. Bitcoin has remained slightly below the key point at $29,000 in the past few weeks. Similarly, Ethereum has been stuck at $1,800 while the total market cap of all digital coins has hovered around $1.1 trillion.
Hedera Hashgraph, therefore, ignored important news in the financial industry, including the Ripple and SEC case. It also ignored the falling American inflation and the fact that the Federal Reserve likely made its final rate hike of the year.
The most recent Hedera Hashgraph news came from South Korea. In a statement, Hedera Foundation said that it partnered with Hyundai Motor Group. The auto giant will build a supply chain carbon emissions tracking solution using its network.
Hyundai will use this solution to empower suppliers to track, manage, and monitor carbon emissions data as it seeks to boost its sustainability.
This is an important news since Hyundai is one of the biggest companies in South Korea. It also joins other large companies like LG, Google, and IBM that are building solutions using Hedera’s technology. In a statement, Seung Hyun Hong, an executive at Hyundai said:
“We stand proudly at the forefront of this transformative journey, collaborating with our partners to shape a greener and brighter future for all.”
Another news is that the developers integrated Fresh Supply Co (FSCO Continuity), a product by Mastercard in its ecosystem. Also, Nexo, one of the leading players in the ecosystem added HBAR in its platform.
Hedera Hashgraph price prediction
Turning to the daily chart, we see that the HBAR price has been in a tight range in the past few weeks. As a result, the token is oscillating at the 25-day and 50-day exponential moving averages (EMA). It has moved slightly above the ascending trendline shown in black while the Average True Range (ATR) has slumped. The Relative Strength Index (RSI) has moved to the neutral point.
Therefore, I suspect that Hedera Hashgraph price will likely remain in this range in the next few days. If this happens, the key support and resistance levels to watch will be at $0.50 and $0.60. This view is in line with what Google Bard predicted. The AI platform writes the following about its HBAR forecast:
“Based on my knowledge and the latest price predictions, I forecast that the price of Hedera Hashgraph (HBAR) in August 2023 will be between $0.056 and $0.060. The average price is expected to be around $0.059.”
