The Hedera Hashgraph price seems to be defying gravity amid the ongoing cryptocurrency sell-off. The HBAR token soared to an all-time high of $0.4982, bringing its gains since July to more than 258%. The coin has a market capitalization of more than $3.2 billion.
What is Hedera Hashgraph and how does it work?
Hedera Hashgraph is a leading blockchain project that helps companies develop decentralized products that reduce the cost of transactions, prevent or reduce fraud, ensure data compliance, and create tokenized assets.
Some of the biggest players in key sectors like logistics, fintech, and retail are already using the platform. For example, Avery Dennison, a leading manufacturer of adhesive materials and speciality chemicals, has used its technology to build atma.io. Other companies using the network are the Chopra Foundation, doc Distribute, Dovu, and Power Transition.
To achieve this, Hedera Hashgraph is governed by a council of leading enterprises like LG, Wipro, Google, Boeing, and Tata Communications.
HBAR, on the other hand, is the native token for the Hedera Hashgraph network. The token has a dual role of network fuel and network protection. Developers use HBAR to pay for network services and managing fungible and non-fungible tokens. Think of HBARs as the Ether of Ethereum’s network.
HBAR prides itself for a higher transaction per second, low fees, and a shorter period for transaction confirmation. So, is Hedera Hashgraph a good investment?
Hedera Hashgraph price prediction
The daily chart shows that the HBAR price soared to an all-time high of $0.4572 in March. Since then, the coin tumbled by about 70% to a low of $0.1375 in June. After this, the coin staged a strong recovery, and today, it soared to an all-time high of $0.4953.
Along the way, Hedera Hashgraph made a cup pattern that is shown in red. It has already concluded this cup section, meaning that there is a likelihood that it will have a major pullback as it forms the handle section. Therefore, my base case is where the coin falls to $0.2400 and then resume the bullish trend to $0.6894, which is more than double from the current level.