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Is Hedera Hashgraph (HBAR) a buy in this crypto frenzy?

By: Invezz

Hedera Hashgraph (HBAR) price is up for six straight weeks as the crypto frenzy continues and as its ecosystem starts gaining traction. The token surged to a high of $0.1227 on Tuesday, its highest point since May 2022. It has surged by more than 235% from its lowest point in 2023.

Hedera and the crypto bull run

Hedera Hashgraph has not been left behind in the ongoing crypto bull run. Most of its gains have happened because investors are buying most altcoins as the crypto fear and gred index has jumped to the extreme greed zone.

Hedera has also benefited from the ongoing trends in its ecosystem. Its total value locked (TVL) in the decentralised exchange (DEX) ecosystem has jumped to over $193 million, its all-time high. In HBAR terms, the TVL has soared to over 1.6 billion.

The best-performing player in Hedera’s ecosystem is SaucerSwap, its main decentralised exchange (DEX). Its TVL has jumped to over $140 million, making it much bigger than Stader, the second-biggest player.

SaucerSwap has also seen strong inflows in its exchange as the total volume in its V2 jumped to over $8.9 million in the past 24 hours. Its V1 handled tokens worth over $3.97 million. 

Hedera has also continued to add key players in its governing council. Last week, the developers added BitGo as a member. BitGo is a major player in the blockchain industry where it provides custody and other infrastructure solutions.

1/ We are excited to announce that leading #DigitalAsset trust and security company @BitGo has joined the #Hedera Council, bringing with it over a decade of experience in #web3 to support innovations and invest in the future success of the Hedera network.

— Hedera (@hedera) February 28, 2024

A few weeks before that, Hedera added Mondelez and Hitachi US in the council. These companies joined other blue chip firms like Google, IBM, LG, Ubisoft, and ServiceNow. These are some of the biggest companies in the world.

In a recent interview with iNvezz, the new president of Hedera reiterated that he will continue creating more partnerships as part of the ecosystem’s growth.

Hedera Hashgraph price forecast

HBAR chart by TradingView

Turning to the daily chart, we see that the HBAR price has been in a strong uptrend in the past few months. It recently crossed the important resistance point at $0.1018, its highest swing on January 2nd of this year. Rising above this point was important because it invalidated the double-top pattern pattern.

Hedera has remained above the 50-day and 25-day moving averages. Further, the coin has formed an ascending channel, which I have shown in red. The Average Directional Index (ADX) has pointed upwards.

Therefore, the outlook for the Hedera Hashgraph token is bullish, with the next point to watch being $0.135.

The post Is Hedera Hashgraph (HBAR) a buy in this crypto frenzy? appeared first on Invezz

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