On Tuesday, the cryptocurrency market experienced a strong sell-off, with top tokens falling by double-digit percentages. The top three cryptocurrencies, bitcoin, ethereum, and Cardano price, were all down at least 10% in the previous 24 hours at the moment.
At the time of writing, HBAR, the native asset of the Hedera Hashgraph, a decentralized public network, was trading at $0.32, up 24 percent and 25 percent on a seven-day basis. Over the last year, the HBAR community has exploded.
Hedera is progressing, with the latest release of Hedera Service Code v0.17.4 on mainnet adding NFTs, Coin Custom Fees (including NFT royalties), and Wrench Metadata standards for tokens to the Hedera Token Service.
The environmental impacts of six different distributed ledger technologies (DLTs), Algorand, Cardano, Ethereum 2.0, Hedera Hashgraph, Polkadot, and Tezos, were compared in a research report by University College London (UCL), with Hedera Hashgraph having the lowest overall energy consumption of the group.
“The growing popularity of DLT since the invention of bitcoin, and with it the energy-intensive PoW consensus mechanism, has led to the emergence of many alternative mechanisms. PoS is a particularly popular alternative and is generally considered to be more energy efficient than PoW, ”the report says.
HBAR Price Prediction:
Popular Analysts with Twitter handle Credibel crypto believe that HABR price is all set to break ATH within a month with the token trading $2-$5 by end of 2021.
The HBAR rally is quite powerful; if today’s daily closing price can be in the $0.34 range or higher, the probability will continue to climb, the pressure will rise above $0.41, and the short-term support will be $0.31. On the downside, $0.265 is critical for HBAR traders since it can act as solid support for the coin’s price and keep the bullish trend going. The hourly social volume of cryptocurrencies increased by 166.67 percent.
The RSI number (BULLISH) is currently at 57, showing that the bullish mood is still present. Although the coin’s price has dropped dramatically, signaling severe selling pressure, the technical mood surrounding the HBAR currency remains bullish.