The Hedera (HBAR) cryptocurrency project is at the forefront of efforts to develop a layer-1 blockchain suitable for business application that is also low in energy consumption. This has resulted in a day’s price increase of 8% for HBAR, which is rather remarkable. Do we have the momentum to finally get HBAR to $1?
More about Hedera HBAR and Everything You Need To Know About It
Hedera is a blockchain protocol with the potential to revolutionize the industry. Although several networks do exist, the vast majority suffer from some combination of ineffectiveness and vulnerability. Hedera, on the other hand, gives financiers access to a safe network with little costs, quick settlements, and high throughput.
Hedera is not only useful as a transactional cryptocurrency, but it also offers smart contract capability akin to Ethereum’s. It’s now possible for programmers to take use of the network’s efficacy. Due to increased demand from the vast army of software engineers in search of cheaper alternatives, the Hedera ecosystem has expanded greatly since its launch, possibly contributing to the asset’s rising value.
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Hedera Price Action and Future Predictions
Consolidating around the $0.056 level in recent weeks, HBAR has been in a downturn like the rest of the world markets. There have been several efforts to break out and move higher, but so far they have all mostly faded out.
HBAR’s price has remained relatively stable at $0.058 since the middle of September, leading many to speculate that the asset is consolidating before making a big upward move. That time appears to have come now. Value for HBAR has increased by almost 8% in the last day, bringing the asset price back up to near $0.063.
As this point coincides with a significant area of support for HBAR, we may soon witness some spectacular price action. Keep in mind that HBAR needs to close each day above $0.062 for this level to hold.
At its peak, HBAR was worth slightly over $0.50, making it a promising long-term investment option among cryptocurrencies. We may see HBAR soar above its previous high toward the $1 area within the next year as interest in environmental, social, and governance (ESG) investing continues to grow rapidly.
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