- Hedera Hashgraph has jumped by over 30% from the lowest point in March.
- The ecosystem is growing because of its faster speeds and low transaction costs.
Hedera Hashgraph (HBAR) price has done well in the past few weeks as investors focus on the ecosystem growth. HBAR jumped to a high of $0.0781 in March, the highest point since February 24. It has soared by more than 30% from the lowest point in March.
Hedera Hashgraph ecosystem growth
Hedera Hashgraph is a leading layer-1 blockchain platform that is known for its speed, low transaction costs, and its high-powered governance council. The platform can process thousands of transactions per second (tps) with minimal costs to the end user.
Hedera’s governance council is made up of some of the biggest companies in the world like ServiceNow, LG, Tata Communications, IBM, and Nomura among others. These companies have all committed to using Hedera’s network to build their blockchain solutions.
Hedera’s ecosystem is growing. Some of the top dApps in its ecosystem are Mintbar, an open-source NFT minter for the network, and SaucerSwap, an upcoming DEX. Arkhia, an infrastructure as a service (IaaS) that was recently featured by Google Cloud is also built on Hedera.
The most recent Hedera Hashgraph news is Dovu will start offering its Enhanced Rock Weathering (ERW) solution. ERW is a technology that aims to capture carbon from the atmosphere by harnessing the natural process of rock weathering. It is one of the top approaches to fight climate change. Dovu is build on Hedera’s network.
The other important Hedera Hashgraph news is that Envision Blockchain, a network built on the network announced that it will be upgrading from Beta V2 to the powerful Beta V3. The benefits of this migration will be high availability, improved DB CPU consumption, and more pre-loaded open-source policies.
Looking forward, the HBAR price will depend on the broader sentiment in the crypto industry. Its price will likely continue rising if Bitcoin manages to move above $30,000.
HBAR price prediction
In January, I said that Hedera Hashgraph was a sleeping giant that could wake up. In that article, I predicted that the coin would do well. This prediction was accurate as the coin has done well this year.
The 4H chart shows that the HBAR crypto price has been in a strong bullish trend in the past few weeks. This rally saw the coin jump to the 50% Fibonacci Retracement level. It has now pulled back and is being supported by the 25-day and 50-day exponential moving averages. HBAR has also formed a break and retest pattern by moving to the key support at $0.068, the highest point on March 14.
A closer look shows it has formed what looks like a double-top pattern. Therefore, the coin will likely remain on edge in the next few days and then recover to the 78.6% retracement point at $0.089 in April. This price is about 26% above the current level.
