The Hedera Hashgraph (HBAR) is crawling back after tumbling sharply in the final two weeks of September. The HBAR price is trading at $0.3885, which is about 35% above the lowest level on September 20.
Hedera momentum fades
Hedera Hashgraph is a high-profile blockchain project that targets enterprise users. The network helps users to build decentralized applications that solve specific problems. Unlike other blockchain projects, the network is known for its governance council that is made up of some of the biggest technology companies in the world like IBM, Facebook, and Wipro.
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Hedera Hashgraph has gained significant adoption in the past few weeks. Recently, Sparkle teamed up with Retail Data Systems and Hedera Hashgraph to launch its eReceipts service. Similarly, Acoer embraced Hedera to build its decentralized management and protection of user rights.
The Liechtenstein Blockchain Innovation (LCX) also partnered with Hedera to establish a new standard for securities tokenized digital assets.
This trend will likely continue especially as more developers learn more about the technology. Hedera has already launched a $5 billion to build its ecosystem. The foundation will distribute about 10.7 billion HBARs, in one of the biggest grants in the industry. Hedera also partnered with Filecoin to offer Web3 interoperability grants.
The Hedera Hashgraph price has rebounded in the past few days. It is not alone since other cryptocurrencies like Bitcoin and Ethereum have also had a cautious recovery. Bitcoin is trading at $47,000, which is about $5,000 above where it was last week.
Similarly, the total market capitalization of cryptocurrencies tracked by CoinMarketCap has jumped to more than $2.1 trillion.
Therefore, from a fundamental perspective, there is a possibility that Hedera Hashgraph will keep rising in the long term. Besides, investors are constantly on the lookout for the next big thing in cryptocurrencies.
Hedera Hashgraph price prediction
The daily chart shows that the Hedera Hashgraph price has made some rebound in the past few days. The price is a few points below the important resistance level at $0.4565, which was the previous all-time high. The price is above the 25-day and 50-day moving averages.
It is also forming the handle section of the cup and handle pattern. In price action analysis, this pattern is usually a bullish signal.
Therefore, I suspect that the HBAR price will soon cruise above the key resistance at $0.4565 and then rally to a new all-time high.
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