The Hedera Hashgraph price has been in a bullish trend in the past few days. HBAR, its native token is trading at $0.2640, which is about 22% above the lowest level this week. This rebound brings its total market capitalization to more than $4.9 billion, making it one of the biggest platforms in the industry.
Hedera and the metaverse
Hedera Hashgraph is a leading platform that uses the hashgraph consensus to help developers build decentralized applications. Hashgraph is seen as a more secure method than existing blockchain platforms.
Hedera is an Ethereum alternative that is well-known for its speed, efficiency, and security. For example, while Ethereum has a speed of less than 20 transactions per second, Hedera is able to support more than 10,000 transactions. This is also more than double what Visa handles in its giant network.
Today, Hedera is used to build all types of decentralized applications (DAPPs). Most of these apps are in payments, fraud mitigation, data compliance, and tokenized assets. It is used by companies like Avery Dennison, Standard Bank, IBM, and Chainlink Labs among others.
For example, Shinhan Bank is using Hedera to build a stablecoin for the South Korean won. A stablecoin is a cryptocurrency that is backed by a currency or any other asset. Another example of a company using Hedera is Canopyright, a company involved in the cannabis industry.
In the past few weeks, Hedera has also unveiled its plans for the metaverse and non-fungible token (NFT) industries. It is providing the technology for Deepak Chopra’s Seva.love NFT marketplace. It also recently announced that it will provide a grant to MetaVRse, a company in the industry. In a statement, the MetaVRse founder said:
“The metaverse is the future of human communication. This partnership brings the best-in-class services of MetaVRse and the Hedera Network together to unlock the power of the metaverse for everyone.”
Hedera Hashgraph price prediction
The daily chart shows that the HBAR price has risen in the past three straight days and moved between the 78.6% and 61.8% Fibonacci retracement level. A closer look shows that the Hedera Hashgraph price is substantially lower than the blue ascending channel while the Relative Strength Index (RSI) has been in a downward trend.
The price is also below the 25-day moving average. Therefore, I suspect that the price will keep falling as bears target the key support at $0.20.
