- Hedera Hashgraph price soared even as other cryptocurrencies recoiled.
- The protocol welcomed Dell as a governance council member.
Hedera Hashgraph price has defied gravity even as other cryptocurrencies plunged. HBAR crypto price rose to a high of $0.078, which is a few points below the year-to-date high of $0.080. The coin has jumped by more than 115% from the lowest point in 2022, giving it a market cap of over $2 billion.
Why is HBAR price soaring?
Hedera Hashgraph price is rising because of the expanding governance council, which positions the network for growth among corporates. In a statement, Hedera said that Dell, one of the biggest technology companies in the world has joined its council.
Dell joins other leading companies that are part of the council and those that will use its technology for their blockchain projects. Other well-known companies in the council are Ubisoft, IBM, Google, Boeing, and Deutsche Telekom.
According to the council, the addition of Dell in the council will help it strengthen its ability to help customers on their digital transformation journey through Web3. It is also a validation of Hedera’s technology. In a statement, he head of technology at Dell said:
“By gaining hands-on experience with distributed ledger technology, we’re able to serve as a rational, holistic voice for customers considering incorporating DLT into their digital transformation.”
Hedera Hashgraph is already being used by companies in all industries to build all types of applications. For example, Acme Labs has built a decentralized marketplace for non-fungible tokens (NFT) while Leemonswap has created a food-themed decentralized exchange.
According to DeFi Llama, Hedera has a toral value locked (TVL) of $137 million or 1.97 billion HBARs, which is its all-time high. Stader, a liquid staking protocol, has accumulated $97.2 million in assets, making it the biggest player in the platform.
Hedera Hashgraph price forecast
HBAR crypto price has had a great run in the past few weeks. This recovery is in line with what I wrote in January when I said that Hedera Hashgraph was a sleeping giant waiting to awaken.
And now, the coin is approaching the important resistance level at $0.079, the highest point this week. It is also above the ascending trendline that connects the lowest points since January 25.
Bitcoin has also moved above the 25-day and 50-day moving averages. Therefore, Hedera gains will only be confirmed if it manages to move above the key resistance point at $0.079. If this happens, the next key level to watch will be at $0.081.
