- Summary:
- What is the outlook of the Hedera Hashgraph? We explain why HBAR could be the next big thing in the cryptocurrencies industry.
The Hedera Hashgraph price is in a strong bullish trend today as interest in the coin rises. It has risen to $0.2785, which is about 100% above the lowest level in July. HBAR has a market capitalization of more than $2.5 billion and is the 53rd biggest coin in the world. It is slightly below Waves and above Compound.
What is Hedera Hashgraph?
Hedera Hashgraph is an enterprise-focused blockchain project that helps companies build decentralized applications. It is a third-generation network that is built on a proof-of-stake consensus mechanism known as the hashgraph consensus. It is well-known for its low fees, high throughput, and fast transaction speeds. Indeed, it can handle about 10,000 transactions per second while its average fee is about $0.0001. This compares to Ethereum’s fee of about $20.
Hedera Hashgraph is owned and governed by leading companies globally. Some of the best known firms are Boeing, Deutsche Telekom, Google, London School of Economics, IBM, and Tata Communications. Some of the products built on the network are a decentralized capital market by AllianceBlock, a connected product cloud by Avery Dennison, and an NFT marketplace by GoMint.
Therefore, based on the overall performance of VeChain, another enterprise-focused network, I suspect that HBAR could be the next top altcoin to watch.
Hedera Hashgraph forecast
The daily chart shows that the HBAR price found a major support at $0.1518 last month. Since then, the coin has jumped by more than 100%. A closer look shows that the coin is forming what looks like a cup and handle pattern. This pattern is usually a bullish sign. At the same time, it has moved above the 25-day and 50-day exponential moving averages (EMA).
Therefore, with interest of the coin rising, there is a possibility that it will keep rising as bulls target the key resistance at $0.4200. This price is at the upper side of the cup and is about 50% from the current level. On the flip side, a drop below $0.2 will invalidate the bullish view.
