The Hedera Hashgraph price has continued to defy gravity. HBAR/USD jumped to an all-time high of $0.5800, bringing its gains from June 22 to more than 320%. Its total market capitalization rose to more than $5 billion, making it the 33rd biggest cryptocurrency in the world. It is sandwiched between Elrond and Aave.
Why is Hedera rallying?
Hedera Hashgraph is one of the fastest-growing blockchain projects in the world. It is relatively different from other projects like Ethereum and Binance Smart Chain in that it focuses on enterprises. In this regard, it is relatively similar to VeChain, whose platform helps companies solve some of their biggest challenges in the supply chain.
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Hedera Hashgraph’s platform has many use cases, especially in the financial industry. It can be used in fraud prevention, payments processing, identity management, and gaming. In the past, many companies like Dovu, The Chopra Foundation, and tune.fm use its platform.
Another notable feature of Hedera is its governance system. The platform is owned and governed by some of the leading companies and organizations.
The most notable ones are IBM, the London Stock Exchange (LSE), Standard Bank, and Google. This week, the developers announced that IIT Madras, an Indian university had become a member.
So, why is the Hedera Hashgraph price soaring? In my view, I believe that it is rising as more companies embrace its technology. Recently, many companies like EarthID, Dropp, and Hala Systems have started building using the network.
At the same time, the concept of Fear of Missing Out (FOMO) has been in play. The HBAR price has jumped as traders and investors attempt to buy the next big thing. Besides, they have seen relatively unknown platforms like Terra and Solana move from obscurity to become some of the biggest platforms in the world.
Hedera Hashgraph price prediction
The daily chart shows that the Hedera Hashgraph price did something remarkable this week. For one, it has risen in the past five consecutive days and the candles seem to be becoming bigger.
Another notable thing is that it moved above the key resistance level at $0.4755, which was the previous all-time high. As a result, it completed the formation of the cup section of the cup and handle pattern.
Therefore, the HBAR price will likely do a break and retest pattern and retest the now-support at $0.4755. This is where an asset retests the previous support and then resumes the bullish or bearish trend.
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